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

Received $33,000 cash from the issue of common stock.

Earned $28,000 of service revenue on account.

Incurred $11,500 of operating expenses on account.

Received $21,500 cash for performing services.

Paid $9,500 cash to purchase land.

Collected $23,500 of cash from accounts receivable.

Received a $6,300 cash advance for services to be provided in the future.

Purchased $1,050 of supplies on account.

Made a $9,000 payment on accounts payable.

Paid a $5,300 cash dividend to the stockholders.

Recognized $620 of supplies expense.

Recognized $5,150 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.

Note: Enter debits before credits.

Event	General Journal	Debit	Credit
1

ASSETS

=

LIABILITIES

+

STOCKHOLDERS EQUITY

Cash

Accounts Payable

Common Stock

Dividends

Bal.

Bal.

Bal.

Bal.

Accounts Receivable

Unearned Revenue

Service Revenue

Bal.

Bal.

Bal.

Supplies

Operating Expense

Bal.

Bal.

Land

Supplies Expenses

Bal.

Bal.