The following accounting events apply to Mary's Designs for Year 1: Asset Source Transactions 1. Began operations by acquiring $15,000 of cash from the issue of common stock. 2. Performed services and collected cash of $900. 3. Collected $4,350 of cash in advance for services to be provided over the next 12 months. 4. Provided $13,200 of services on account. 5. Purchased supplies of $380 on account. Asset Exchange Transactions 6. Purchased $4,400 of land for cash. 7. Collected $8,300 of cash from accounts receivable. 8. Purchased $480 of supplies with cash. 9. Paid $3,100 for one year's rent in advance. Asset Use Transactions 0. Paid $3,400 cash for salaries of employees. 11. Paid a cash dividend of $2,000 to the stockholders. 2. Paid off $380 of the accounts payable with cash. Claims Exchange Transactions 3. Placed an advertisement in the local newspaper for $140 on account. 4. Incurred utility expense of $115 on account. Adjusting Entries 5. Recognized $3,263 of revenue for performing services. The collection of cash for these services occurred in a prior transaction. (See Event 3.) 6. Recorded $980 of accrued salary expense at the end of Year 1. 17. Recorded supplies expense. Had $90 of supplies on hand at the end of the accounting period. 8. Recognized three months of expense for prepaid rent that had been used up during the accounting period.