Reference no: EM13555622
Events Affecting the 2013 Accounting Period
1. Acquired an additional $10,000 cash from the issue of common stock.
2. Paid $5,800 cash to settle the salaries payable obligation.
3. Paid $6,000 cash in advance for a lease on office facilities.
4. Sold land that had cost $25,000 for $25,000 cash.
5. Received $8,400 cash in advance for services to be performed in the future.
6. Purchased $1,800 of supplies on account during the year.
7. Provided services on account of $90,000.
8. Collected $92,000 cash from accounts receivable.
9. Paid a cash dividend of $10,000 to the stockholders.
Information for 2013 Adjusting Entries
1. The advance payment for rental of the office facilities (see Event 3) was made on September 1 for a one-year lease term.
2. The cash advance for services to be provided in the future was collected on June 1 (see Event 5). The one-year contract started June 1.
3. Had $350 of supplies on hand at the end of the period.
4. Recognized accrued salaries of $6,500 at the end of the accounting period.
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