Stuart Corporation entered into the following transactions during the year ending December 31, Year 1: 1) Performed services for $26,000 cash 2) Purchased $800 of supplies on account 3) Purchased land for $95,000 cash 4) Paid salary expense of $16,500 5) Paid for $600 of the supplies purchased in event (2) 6) Collected $15,000 in advance for services to be provided over the next 12 months 7) Recognized $10,000 of revenue on the contract from event (6) 8) Owed $5,500 of salaries expenses to employees for work done during December, Year 1, that will be paid during January, Year 2.