The following events apply to Brown and Birgin, a public accounting firm, for the 2014 accounting period:

1. Performed $99,500 of services for clients on account.

2. Performed $55,000 of services for cash.

3. Incurred $58,000 of other operating expenses on account.

4. Paid $22,500 cash to an employee for salary.

5. Collected $69,000 cash from accounts receivable.

6. Paid $18,000 cash on accounts payable.

7. Paid a $7,000 cash dividend to the stockholders.

8. Accrued salaries were $5,000 at the end of 2014.