Required information The following information applies to the questions displayed below. Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $67,000 cash from the issue of common stock. 2. Purchased $2,600 of supplies on account. 3. Purchased land that cost $32,000 cash. 4. Paid $2,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $56,000. 6. Paid $28,000 cash for other operating expenses. 7. Collected $45,000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized accrued salaries of $3,900 on December 31, 2018. 9. Had $900 of supplies on hand at the end of the accounting period. Events Affecting the 2019 Accounting Period 1. Acquired $27,000 cash from the issue of common stock. 2. Paid $3,900 cash to settle the salaries payable obligation. 3. Paid $5,700 cash in advance to lease office space. 4. Sold the land that cost $32,000 for $32,000 cash. 5. Recelved $6,900 cash in advance for services to be performed in the future. 6. Purchased $1,700 of supplies on account during the year