Module 1 Textbook Problem 6 Learning Objectives: 1-6 Show how receivables affect financial statements 1-7 Show how payables affect financial statements In Year 1, Lee Inc. billed its customers $57,400 for services performed. The company collected $40,100 of the amount billed. Lee incurred $36,300 of other operating expenses on account. Lee paid $24,300 of the accounts payable. Lee acquired $30,000 cash from the issue of common stock. The company invested $15,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to