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 $750. 3. Collected $5,000 of cash in advance for services to be provided over the next 12 months. 4. Provided $12,700 of services on account. 5. Purchased supplies of $470 on account. Asset Exchange Transactions 6. Purchased $4,300 of land for cash. 7. Collected $7,900 of cash from accounts receivable. 8. Purchased $480 of supplies with cash. 9. Paid $3,500 for one year's rent in advance. Asset Use Transactions 10. Paid $3,200 cash for salaries of employees. 11. Paid a cash dividend of $2,100 to the stockholders. 12. Paid off $470 of the accounts payable with cash. Claims Exchange Transactions 13. Placed an advertisement in the local newspaper for $160 on account. 14. Incurred utility expense of $95 on account. Adjusting Entries 15. Recognized $3,750 of revenue for performing services. The collection of cash for these services occurred in a prior transaction. Icoa Ewant 2 Adjusting Entries 15. Recognized $3,750 of revenue for performing services. The collection of cash for these services occurred in a (See Event 3.) 16. Recorded $870 of accrued salary expense at the end of Year 1. 17. Recorded supplies expense. Had $100 of supplies on hand at the end of the accounting period. 18. Recognized three months of expense for prepaid rent that had been used up during the accounting period. Required a. Record each of the preceding events in T-accounts. Cash Accounts Receivable Beg. Bal Beg. Bal End.Bal End. Bal Supplies Prepaid Rent Beg. Bal Beg. Bal Supplies Prepaid Rent Beg. Bal Beg. Bal . End. Bal End. Bal Land Accounts Payable Beg. Bal Beg. Bal End. Bal End. Bal Unearned Revenue Salaries Payable Beg. Bal Beg. Bal End. Bal End. Bal Common Stock Dividends Beg. Bal Beg. Bal Supplies Expense Utilities Expense Beg. Bal Beg. Bal End. Bal End. Bal b. Prepare a before-closing trial balance. MARY'S DESIGNS Before-Closing Trial Balance December 31, Year 1 Account Titles Debit Credit