The following accounting events apply to Mary's Designs for Year 1: 3 Asset Source Transactions 1. Began operations by acquiring $90,000 of cash from the issue of common stock 2. Performed services and collected cash of $9,000 3. Collected $36,000 of cash in advance for services to be provided over the next 12 months. 4. Provided $58,000 of services on account. 5. Purchased supplies of $5,200 on account. 03 2624 6. Purchased $21,000 of land for cash. 7. Collected $49,000 of cash from accounts recelvable. 8. Purchased $3,150 of supplies with cash. 9. Paid $12,000 for one year's rent in advance. Asset Use Transactions 10. Paid $24,000 cash for salaries of employees. 11. Paid a cash dividend of $5,000 to the stockholders 12. Paid off $3,600 of the accounts payable with cash. Claims Exchange Transactions in the local newspaper for $2.600 on account. 13. Placed an advertisement 14. Incurred utility expense of $1,800 on account Adjusting Entries of revenue for performing services. The collection of cash for these services occurred in a prior transaction See Event 3.) 16. Recorded $8,000 of accrued salary expense at the end of Year 1 17. Recorded supplies expense. Had $1,900 of supplies on hand at the end of the accounting period 18. Recognized four months of expense for prepaid rent that had been used up during the accounting period