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Asset Source Transactions 1. Pegan operations by acquiring $20,000 of cash from the issue of common stock 2 Performed services and collected cash of $1,400 3. Collected 54.550 of cash in advance for services to be provided over the next 12 months 4. Provided $13,400 of services on account. 5. Purchased supplies of $360 on account Asser Exchonge Transactions 6. Purchased $4800 of land for cash 7. Collected $8,900 of cash from eccounts receivabie 8. Purchased $600 of supplies with cash. 9. Paid $3,900 for one year's rent in advance Aswer Use Trensections 10. Paid $3,000 cash for salanes of employees. 11. Paid a cash dividend of 51900 to the stockholders. 12. Paid off $360 of the accounts paryable with cash. Claims Exchange Trensections 13. Placed an advertisement in the local newspaper for $110 on account. 14. Incurred utility expense of $100 on account. Adjusting Entries 15. Aecognized $3,413 of revenue for performing services. The collection of cash for these services occurred in a prior transaction isee Evental 16. Recorded $1,340 of accrued salanes expense at the end of Year 1 17. Recorded supplies experise. Had 590 of supplies on hand at the end of the accounting period 18. Recognized four inonths of expense for prepaid rent that had been used up during the accounting period Required 6. Record each of the preceding events in raccounts b. Prepate ant adjusted tral balance c. Use a boriontal statements model to show how each event affects the balance sheet, income statement, and statement of cash fows. The first event is iecorded as an example

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