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Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $1,200 of supplies on account. 3. Purchased land that cost $18,000 cash. 4. Paid $1,200 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $42,000. 6. Paid $21,000 cash for other operating expenses. 7. Collected $38,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $3,200 on December 31, Year 1. 9. Had $200 of supplies on hand at the end of the accounting period. ws Events Affecting the Year 2 Accounting Period 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $3,200 cash to settle the salaries payable obligation. 3. Paid $3,600 cash in advance to lease office space. 4. Sold the land that cost $18,000 for $18,000 cash. 5. Received $4,800 cash in advance for services to be performed in the future. 6. Purchased $1,000 of supplies on account during the year. 7. Provided services on account of $32,000. 8. Collected $33,000 cash from accounts receivable. 9. Paid a cash dividend of $5,000 to the stockholders. 10. Paid other operating expenses of $19,500. Information for Year 2 Adjusting Entries 11 The advance Davment for rental of the office space (see Fvent 3) was made on March 1 for a one-veart < Prey 3 of 3 SO
Complete this question by entering your answers in the tabs below. Houte Required B ok Required B Required A Required A Required B Inc Year 2 Stot Sunt Sheet stmt of cash St holders E Flows Identify each event affecting the Year 1 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Record the effects of eaches appropriate account headings of the accounting equation. (Enter any decreases to account balances with a minus sign.) ALCORN SERVICE COMPANY Accounting Equation for Year 1 Type Assets Liabilities Stockholders' Equity of Accounts Prepaid Salaries Accounts Supplies Land Uneamed Cash Common Event Retained Receivable Rent Payable Payable Revenue Stock Earnings 1 2 + 3 + 4 5 8 7 9 Totals Required A Year 2 >
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Type Of EventAssets=Liabilities+Stockholders' EquityCashAccounts ReceivableSuppliesPrepaid RentLand=Accounts PayableSalaries PayableUnearned Revenue+Common StockRetained earningsAS60000=+60000AS1200=1200+AE-1800018000=+AU-1200=-1200+AS42000=42000+AU-21000=-21000+AE38000-38000=+CE=3200-3200+AS200=200+
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