Problem 2-38A (Algo) Events for two complete accounting cycles LO 2-1, 2-2, 2-3, 2-4, 2-5, 2-6, 2-7, 2-8, 2-9 [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 $75,000 cash from the issue of common stock. 2. Purchased $4,200 of supplies on account. 3. Purchased land that cost $48,000 cash. 4. Paid $4,200 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $72,000. 6. Paid $36,000 cash for other operating expenses. 7. Collected $53,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $4,700 on December 31, Year 1. 9. Had $1,700 of supplies on hand at the end of the accounting period.