Exercise 2-6A Effect of accruals on the financial statements LO 2-3 Cordell Inc. experienced the following events in Year 1, its first year of operation: Ints eBook 1. Received $48,000 cash from the issue of common stock. 2. Performed services on account for $76,000. 3. Paid a $4,800 cash dividend to the stockholders. 4. Collected $54,000 of the accounts receivable. 5. Paid $48,000 cash for other operating expenses. 6. Performed services for $11,500 cash. 7. Recognized $1,800 of accrued utilities expense at the end of the year. Hint Print Required a. & c. Identify the events that result in revenue or expense recognition and those which a Statement of Cash Flows column, use OA to designate operating activity, FA for financing indicate the element is not affected by the event. (Enter any decreases to account balan Event 1. Revenue $ 48,000 76,000 Expense S (48,000) Statement of Cash Flows $ 48,000 FA 2. 4,800 3. 4. $ 54,000 GROOT