Hello, can I please get some help on this? Due in an hour. Thank you! Events Affecting the Year 1 Accounting Period1. Acquired $77,000 cash from the issue of common stock.2. Purchased $4,600 of supplies on account.3. Purchased land that cost $52,000 cash.4. Paid $4,600 cash to settle accounts payable created in Event 2.5. Recognized revenue on account of $76,000.6. Paid $38,000 cash for other operating expenses.7. Collected $55,000 cash from accounts receivable.Information for Year 1 Adjusting Entries8. Recognized accrued salaries of $4,900 on December 31, Year 1.9. Had $1,900 of supplies on hand at the end of the accounting period.Events Affecting the Year 2 Accounting Period1. Acquired $37,000 cash from the issue of common stock.2. Paid $4,900 cash to settle the salaries payable obligation.3. Paid $8,700 cash in advance to lease office space.4. Sold the land that cost $52,000 for $52,000 cash.5. Received $9,900 cash in advance for services to be performed in the future.6. Purchased $2,700 of supplies on account during the year.7. Provided services on account of $49,000.8. Collected $50,000 cash from accounts receivable.9. Paid a cash dividend of $9,000 to the stockholders.10. Paid other operating expenses of $36,500.Information for Year 2 Adjusting Entries11. 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-yearcontract started on October 1.13. Had $2,000 of supplies remaining on hand at the end of the period.14. Recognized accrued salaries of $5,600 at the end of the accounting period.15. Recognized $2,100 of accrued interest revenue. COWBOY ICE CREAM COMPANYAccounting Equation for Year 1AssetsLiabilitiesStockholders' EquityCOLUMNEvent INTENTIALLYBLANK%3DUnearnedCommonStockAccountsSalariesRetainedAccountsReceivablePrepaidRentCashSuppliesLandPayablePayableEarningsRevenue1.2.%3D3.%3D4.5.6.%3D7.%3D8.%3D9.%3D이TotalsAcctg Equation Year 2 >

As per accounting equation concept: Assets = Liabilities + Capital

Events Affecting the Year 1 Accounting Period 1. Acquired $77,000 cash from the issue of common stock. 2. Purchased $4,600 of supplies on account. 3. Purchased land that cost $52,000 cash. 4. Paid $4,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $76,000. 6. Paid $38,000 cash for other operating expenses. 7. Collected $55,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $4,900 on December 31, Year 1. 9. Had $1,900 of supplies on hand at the end of the accounting period.

Events Affecting the Year 1 Accounting Period 1. Acquired $77,000 cash from the issue of common stock. 2. Purchased $4,600 of supplies on account. 3. Purchased land that cost $52,000 cash. 4. Paid $4,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $76,000. 6. Paid $38,000 cash for other operating expenses. 7. Collected $55,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $4,900 on December 31, Year 1. 9. Had $1,900 of supplies on hand at the end of the accounting period.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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