Question: please solve 11-15! Required Identify each event affecting the Year 1 and Year 2 occounting penods as asset source (AS), asset use (AU), asset exchange


Required Identify each event affecting the Year 1 and Year 2 occounting penods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE) Record the effects of each event under the appropriate general ledger account headings of the accounting equation Complete this question by entering your answers in the tabs below. Identify each event affecting the Year 1 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange under the appropriate general ledger account headings of the accounting equation. (Do not round intermediate calculations, Enter any dec stign.) Required information [The following information applies to the questions displayed below] Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $20,000 cash from the issue of common stock 2. Purchased $800 of supplies on account 3. Purchased land that cost $14,000 cash 4. Paid $800 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $10,500. 6. Paid $3,800 cash for other operating expenses. 7. Collected $7,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $3,600 on December 31, Year 1 9. Had $100 of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Period 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $3,600 cash to settle the salaries payable obligation. 3. Paid $9,000 cash in advance to lease office space. 4. Sold the land that cost $14,000 for $14,000 cash. 5. Received $6,000 cash in advance for services to be performed in the future. 6. Purchased $2,400 of supplies on account during the year. 7. Provided services on account of $24,500 8. Collected $12,600 cash from accounts recelvable 9. Paid a cash dividend of $2,000 to the stockholders. 10. Paid other operating expenses of $2,850 Information for Year 2 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 13. Had $300 of supplies remaining on hand at the end of the period. 14. Recognized accrued salaries of $4,800 at the end of the accounting penod 15. Recognized $500 of accrued interest revenue. Complete this question by entering your ancwers in the tabs below. Required Identify each event affecting the Year 1 and Year 2 occounting penods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE) Record the effects of each event under the appropriate general ledger account headings of the accounting equation Complete this question by entering your answers in the tabs below. Identify each event affecting the Year 1 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange under the appropriate general ledger account headings of the accounting equation. (Do not round intermediate calculations, Enter any dec stign.) Required information [The following information applies to the questions displayed below] Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $20,000 cash from the issue of common stock 2. Purchased $800 of supplies on account 3. Purchased land that cost $14,000 cash 4. Paid $800 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $10,500. 6. Paid $3,800 cash for other operating expenses. 7. Collected $7,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $3,600 on December 31, Year 1 9. Had $100 of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Period 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $3,600 cash to settle the salaries payable obligation. 3. Paid $9,000 cash in advance to lease office space. 4. Sold the land that cost $14,000 for $14,000 cash. 5. Received $6,000 cash in advance for services to be performed in the future. 6. Purchased $2,400 of supplies on account during the year. 7. Provided services on account of $24,500 8. Collected $12,600 cash from accounts recelvable 9. Paid a cash dividend of $2,000 to the stockholders. 10. Paid other operating expenses of $2,850 Information for Year 2 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 13. Had $300 of supplies remaining on hand at the end of the period. 14. Recognized accrued salaries of $4,800 at the end of the accounting penod 15. Recognized $500 of accrued interest revenue. Complete this question by entering your ancwers in the tabs below
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