The following events apply to Paradise Vacationss first year of operations:

1. Acquired $24,000 cash from the issue of common stock on January 1, Year 1.

2. Purchased $1,000 of supplies on account.

3. Paid $4,680 cash in advance for a one-year lease on office space.

4. Earned $32,350 of revenue on account.

5. Incurred $13,100 of other operating expenses on account.

6. Collected $26,000 cash from accounts receivable.

7. Paid $9,200 cash on accounts payable.

8. Paid a $3,400 cash dividend to the stockholders.

Information for Adjusting Entries

9. There was $190 of supplies on hand at the end of the accounting period.

10. The lease on the office space covered a one-year period beginning November 1.

11. There was $4,000 of accrued salaries at the end of the period.

Required:

Prepare a balance sheet.

Complete this question by entering your answers in the tabs below.

First Column Answer Options:

- Accounts payable

- Accounts receivable

- Cash

- Common stock

- Notes payable

- Notes receivable

- Prepaid rent

- Retained earnings

- Salaries payable

- Supplies

Prepare a balance sheet.

PARADISE VACATIONS Balance Sheet As of December 31, Year 1 Assets \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total assets & & \\ \hline Liabilities & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total liabilities & & \\ \hline Stockholders' Equity & & \\ \hline & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline Total liabilities and stockholders' equity & & \\ \hline \end{tabular}