Northeast Welding experience the following events during 2015: 1 Paid $1600 cash for the accrued salaries at the end of the previous year. 2 Perform services for cash, $2,100. Borrowed $15,000 cash from the local bank by issuing a note. 3 4 Paid $12,500 cash to purchase land. 5 6 Paid $3,600 cash in advance for rent, for the period from February 1, 2015 to February 1, 2016. Perform services for customers on account for $102,000. 7 Incurred operating expenses on account in the amount of $35,200. 8 Collected $82,500 in cash from accounts receivable. 9 Paid $32,000 cash as a partial payment on accounts payable. 10 Paid $28,000 cash for salaries expense. 11 Paid a $5,000 cash dividend to stockholders. Adjusting Entries 12 Recognized revenue for services performed in accordance with Event 4 in 2014. 13 Made the adjusting entry for the expired rent. (Hint: Part of the rent was paid in 2014, and the expense was $250 per month.) 14 Recorded accrued interest. Then note was issued on March 1, 2015, for a one-year term and had an interest rate of 9% (eee Event 3). 15 Record depreciation on equipment.