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

1. Accepted $15,600 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 $68,500.

3.Purchased $1,100 of office supplies on account.

4.Paid $990 of the amount due on accounts payable.

5.Paid a cash dividend to the stockholders of $4,800.

6.Paid cash for operating expenses of $21,900.

7. Determined that at the end of the accounting period $140 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.