Events Affecting the Year $1$ Accounting Period Acquired $$69,000$ cash from the issue of common stock. Purchased $$3,000$ of supplies on account. Purchased land that cost $$36,000$ cash. Paid $$3,000$ cash to settle accounts payable created in Event $2.$ Recognized revenue on account of $$60,000.$ Paid $$30,000$ cash for other operating expenses. Collected $$47,000$ cash from accounts receivable.