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Required information The following information applies to the questions displayed below. Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $66,000 cash from the issue of common stock. 2. Purchased $2,400 of supplies on account. 3. Purchased land that cost $30,000 cash. 4. Paid $2,400 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $54,000. 6. Paid $27,000 cash for other operating expenses. 7. Collected $44,000 cash from accounts receivable Information for 2018 Adjusting Entries 8. Recognized accrued salaries of $3,800 on December 31, 2018. 9. Had $800 of supplies on hand at the end of the accounting period

Events Affecting the 2019 Accounting Period 1. Acquired $26,000 cash from the issue of common stock. 2. Paid $3,800 cash to settle the salaries payable obligation. 3. Paid $5,400 cash in advance to lease office space. 4. Sold the land that cost $30,000 for $30,000 cash. 5. Received $6,600 cash in advance for services to be performed in the future. 6. Purchased $1,600 of supplies on account during the year. 7. Provided services on account of $38,000. 8. Collected $39,000 cash from accounts receivable. 9. Paid a cash dividend of $5,000 to the stockholders 0. Paid other operating expenses of $25,500 Information for 2019 Adjusting Entries 11. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one-year term. 12. The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one-year contract started on October 1 13. Had $900 of supplies remaining on hand at the end of the period. 14. Recognized accrued salaries of $4,500 at the end of the accounting period 15. Recognized $1,000 of accrued interest revenue.Acc Equ 2018 Acc Equ 2019 Identify each event affecting the 2018 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Record the effects of each under the appropriate general ledger account headings of the accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with sign.) ALCORN SERVICE COMPANY Accounting Equation for 2018 Assets Liabilities Accounts Salaries Unearned Payable Payable Revenue +Stockholders Equity Common Retained Stock Earnings Type Event Accounts Receivable Supplies Prepaid Event Rent TotalsAcc Equ 2018 Acc Equ 2019 江dentify each event affecting the 2019 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Record the effects of ea appropriate general ledger account headings of the accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus s ALCORN SERVICE COMPANY Accounting Equation for 2019 Assets Type of Event Liabilities Accounts Salaries Unearned Payable Payable Revenue +Stockholders Equity Common Retained Stock Earnings Event Cash Accounts Interest Receivable Land Receivable SuppliesPrepaid Rent Bal 4 6 12 13 15 Totals

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