Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:

1. Accepted $17,400 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months.
2. Performed legal services for cash of $61,500.
3. Purchased $1,050 of office supplies on account.
4. Paid $945 of the amount due on accounts payable.
5. Paid a cash dividend to the stockholders of $5,200.
6. Paid cash for operating expenses of $18,500.
7. Determined that at the end of the accounting period $100 of office supplies remained on hand
8. On December 31, Year 1, recognized the revenue that had been earned for services performed in accordance with Transaction 1.