Accounting Period Assignment

Alcorn Service Company was formed on January 1, Year 1.

Events Affecting the Year 1 Accounting Period

  1. Acquired $74,000 cash from the issue of common stock.
  2. Purchased $4,000 of supplies on account.
  3. Purchased land that cost $46,000 cash.
  4. Paid $4,000 cash to settle accounts payable created in Event 2.
  5. Recognized revenue on account of $70,000.
  6. Paid $35,000 cash for other operating expenses.
  7. Collected $52,000 cash from accounts receivable.

Information for Year 1 Adjusting Entries

  1. Recognized accrued salaries of $4,600 on December 31, Year 1.
  2. Had $1,600 of supplies on hand at the end of the accounting period.

Events Affecting the Year 2 Accounting Period

  1. Acquired $34,000 cash from the issue of common stock.
  2. Paid $4,600 cash to settle the salaries payable obligation.
  3. Paid $7,800 cash in advance to lease office space.
  4. Sold the land that cost $46,000 for $46,000 cash.
  5. Received $9,000 cash in advance for services to be performed in the future.
  6. Purchased $2,400 of supplies on account during the year.
  7. Provided services on account of $46,000.
  8. Collected $47,000 cash from accounts receivable.
  9. Paid a cash dividend of $6,000 to the stockholders.
  10. Paid other operating expenses of $33,500.

Information for Year 2 Adjusting Entries

  1. The advance payment for rental of the office space (see Event 3) was made on March 1 for a one-year term.
  2. The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one-year contract started on October 1.
  3. Had $1,700 of supplies remaining on hand at the end of the period.
  4. Recognized accrued salaries of $5,300 at the end of the accounting period.

a. Identify each event affecting the Year 1 and Year 2 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Record the effects of each event under the appropriate general ledger account headings of the accounting equation.
b. Prepare an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Year 1 and Year 2, using the vertical statements model. .

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Australia Assessments
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Customer 456821, September 1st, 2022
Customer 456821, February 20th, 2022
looks great
Customer 463501, October 16th, 2022
lesson plan
great work
Customer 454025, April 10th, 2020
Human Resources Management (HRM)
Excellent combination.
Customer 462485, April 3rd, 2022
Finance/Acc Related
Well answered.
Customer 460073, April 29th, 2022
I am happy
Customer 454749, June 29th, 2020
Social Work and Human Services
you are a great group of people.
Customer 463783, February 10th, 2023
Business and administrative studies
Great effort.
Customer 458115, May 2nd, 2022
Political science
Great job God bless you
Customer 453983, February 4th, 2020
Good one.
Customer 453625, May 21st, 2022
Keep it up
Customer 452441, April 26th, 2022
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat