Req A Event 1. 2. 3. 4. 5. Totals Event Beginning balance 1. 2. 3. Req B1 A Record the effects of each accounting event under the appropriate headings for each year. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table. (Enter any decreases to account balances with a minus sign.) Cash Assets + 20,000 + Cash + + + + 20,000 + Assets + + Req B2 + Land Land Req B3 MARK'S CONSULTING SERVICES Accounting Equation for Year 1 = Liabilities Notes Payable = = 0 = + Liabilities Notes Payable + + + + + + Req B4 0 + MARK'S CONSULTING SERVICES Accounting Equation for Year 2 + + ++ Stockholders' Equity Common Stock 0 Common Stock + + + + + + + Req C Stockholders' Equity + +++ Retained Earnings Retained Earnings Req E 0 Account Titles for Retained Earnings Account Titles for Retained Earnings

Record the effects of each accounting event under the appropriate headings for each year. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table. (Enter any decreases to account balances with a minus sign.) Mark's Consulting Services experienced the following transactions for Year 1, its first year of operations, and Year 2 . Assume that all transactions involve the receipt or payment of cash. Transactions for Year 1 1. Acquired $20,000 by issuing common stock. 2. Received $35,000 for providing services to customers, 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000. 5. Purchased land for $30,000 cash. Transactions for Year 2 Beginning account balances for Year 2 are: 1. Acquired an additional $24,000 from the issue of common stock. 2. Received $95,000 for providing services in Year 2. 3. Paid $15,000 to reduce notes payable. 4. Paid expenses amounting to $71,500. 5. Paid a $3,000 dividend to the stockholders. 6. Determined that the market value of the land is $47,000. Required a. Record the effects of each accounting event under the appropriate headings for each year. Record the amounts of revenue. expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table. b-1. Prepare an income statement for each yoar accounting period. b-2. Prepare a statement of changes in stockholders' equity for each year accounting period. b-3. Prepare a year-end balance sheet for each year accounting period. b-4. Prepare a statement of cash flows for each year accounting period