The following events apply to Complete Business Service in Year 1, its first year of operations:

Received $48,000 cash from the issue of common stock.

Earned $43,000 of service revenue on account.

Incurred $19,000 of operating expenses on account.

Received $29,000 cash for performing services.

Paid $17,000 cash to purchase land.

Collected $31,000 of cash from accounts receivable.

Received a $7,800 cash advance for services to be provided in the future.

Purchased $1,800 of supplies on account.

Made a $16,500 payment on accounts payable.

Paid a $6,800 cash dividend to the stockholders.

Recognized $1,220 of supplies expense.

Recognized $5,900 of revenue for services provided to the customer in Event 7.

Required

Record the events in the general journal.

Post the events to T-accounts.

Test the equality of the debit and credit balances of the T-accounts by preparing a trial balance.

Journal entry worksheet Received $48,000 cash from the issue of common stock. Note: Enter debits before credits. Post the events to T-accounts. Complete this question by entering your answers in the tabs below. Test the equality of the debit and credit balances of the T-accounts by preparing a trial balance