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1. Acquired $77,000 cash from the issue of common stock. 2. Purchased $4,600 of supplies on account. 3. Purchased land that cost $52,000 cash. 4. Pald $4,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $76,000, 6. Pald $38,000 cash for other operating expenses 7. Collected $55,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $4,900 on December 31, Year 1. 9. Had $1,900 of supplies on hand at the end of the accounting perlod. Events Affecting the Year 2 Accounting Period 1. Acquired $37,000 cash from the issue of common stock. 2. Paid $1,900 cash to settle the salaries poyable obligation, 3. Pald $8,700 cash in advance to loose office space. 4. Sold the land that cost $52,000 for $52,000 cash. 5. Received $9.900 cash in advance for services to be performed in the future. 6. Purchased $2,700 of supplies on account during the year 7. Provided services on account of $49.000 8. Collected $50,000 cash from accounts receivable 9. Paid a cash dividend of $9,000 to the stockholders 10. Pald other operating expenses of $36,500 Information for Year 2 Adjusting Entries 11. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one year term 12. The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one year contract started on October 1 13. Had $2,000 of supplies remaining on hand at the end of the period 14. Recognized accrued salaries of $5,600 at the end of the accounting period. 15. Recognized $2,100 of accrued interest revenue Acety Equation Accto Equation Year 1 Year 2 Record the effects of each event under the appropriate general ledger account headings of the accounting equation. (Do not round intermediate calcular account balances with a minus sign) COWBOY ICE CREAM COMPANY Accounting Equation for Year 1 COLUMN Assets Liabilities Stockholders' Equity Event INTENTIALLY Accounts Prepaid Accounts Salaries Uno med Common Retained Cash Land BLANK Supplies Receivable Ront Payable Payable Revenue Stock Earning 1 2 6 7 8 0 0 0 0 Totals 0 0 Acety Equation Year 2 > COWBOY ICE CREAM COMPANY Accounting Equution for Year 2 Assets Prepaid Land Infernt Rent Receivable COLUMN Event DTENTIONALLY BLANX Accounts Cash Account Payable Receivable Supplies Payable Bal 1 2 & 5 6 7 8 10 11 12 0 Total