Question:

Omework Alcorn Service Company was formed on January 1 Year

Last updated: 2/8/2023

Omework Alcorn Service Company was formed on January 1 Year

Omework Alcorn Service Company was formed on January 1 Year 1 Events Affecting the Year 1 Accounting Period 1 Acquired 72 000 cash from the issue of common stock 2 Purchased 3 600 of supplies on account 3 Purchased land that cost 42 000 cash 4 Paid 3 600 cash to settle accounts payable created in Event 2 5 Recognized revenue on account of 66 000 6 Paid 33 000 cash for other operating expenses 7 Collected 50 000 cash from accounts receivable Information for Year 1 Adjusting Entries 8 Recognized accrued salaries of 4 400 on December 31 Year 1 9 Had 1 400 of supplies on hand at the end of the accounting period Events Affecting the Year 2 Accounting Period 1 Acquired 32 000 cash from the issue of common stock 2 Paid 4 400 cash to settle the salaries payable obligation 3 Paid 7 200 cash in advance to lease office space 4 Sold the land that cost 42 000 for 42 000 cash 5 Received 8 400 cash in advance for services to be performed in the future 6 Purchased 2 200 of supplies on account during the year 7 Provided services on account of 44 000 8 Collected 45 000 cash from accounts receivable 9 Paid a cash dividend of 4 000 to the stockholders 10 Paid other operating expenses of 31 500 Information for Year 2 Adjusting Entries 11 The advance navment for rental of the office space see Event 31 was made on March 1 for a one year Prey Next