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 $68,000 cash from the issue of common stock. 2. Purchased $2,800 of supplies on account. 3. Purchased land that cost $34,000 cash. 4. Paid $2,800 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $58,000. 6. Paid $29,000 cash for other operating expenses. 7. Collected $46,000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized accrued salaries of $4,000 on December 31, 2018 9. Had $1,000 of supplies on hand at the end of the accounting period, Events Affecting the 2019 Accounting Period 1. Acquired $28,000 cash from the issue of common stock. 2. Paid $4,000 cash to settle the salaries payable obligation. 3. Paid $6,000 cash in advance to lease office space. 4. Sold the land that cost $34,000 for $34,000 cash. Events Affecting the 2019 Accounting Period 1. Acquired $28,000 cash from the issue of common stock. 2. Pald $4,000 cash to settle the salaries payable obligation. 3. Paid $6,000 cash in advance to lease office space. 4. Sold the land that cost $34,000 for $34,000 cash. 5. Received $7,200 cash in advance for services to be performed in the future. 6. Purchased $1,800 of supplies on account during the year. 7. Provided services on account of $40,000. 8. Collected $41,000 cash from accounts receivable. 9. Paid a cash dividend of $7,000 to the stockholders. 10. Paid other operating expenses of $27,500. Information for 2019 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 $1,100 of supplies remaining on hand at the end of the period. 14. Recognized accrued salaries of $4,700 at the end of the accounting period. 15. Recognized $1,200 of accrued interest revenue. Required Identify each event affecting the 2018 and 2019 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE), Record the effects of each event under the appropriate general ledger account headings of the accounting equation. Required Information Acc Equ 2018 Ace Equ 2019 Identify each event affecting the 2018 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Record the effects of each under the appropriate general ledger account headings of the accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with sign.) ALCORN SERVICE COMPANY Accounting Equation for 2018 Type - Event of Event Cash Prepaid Rent Liabilities SalariesUnearned Payable Revenue Account Supplies Receivable supplies Land Land Stockholders' Equity Common Retained Stock Earnings Accounts Payable . TH 0 0 0 0 0 AX lo7 Totals 0 0 0 Ace Eu 2010 > Required information Recor it bal ALCORN SERVICE COMPANY Accounting Equation for 2019 Assets + Event Type of Event Accounts Supplies Prepaid Rent Cash Land Liabilities Salaries Payable Interest Receivable Receivable Stockholders' Equity Common Retained Stock Earnings Accounts Payable Recevable Unearned Revenue Payable Totals OOO 0
