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The following events apply to Complete Business Service in Year 1, its first year of...

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Accounting

The following events apply to Complete Business Service in Year 1, its first year of operations:
Received $31,000 cash from the issue of common stock.
Earned $26,000 of service revenue on account.
Incurred $10,500 of operating expenses on account.
Received $20,500 cash for performing services.
Paid $8,500 cash to purchase land.
Collected $22,500 of cash from accounts receivable.
Received a $6,100 cash advance for services to be provided in the future.
Purchased $950 of supplies on account.
Made a $8,000 payment on accounts payable.
Paid a $5,100 cash dividend to the stockholders.
Recognized $540 of supplies expense.
Recognized $5,050 of revenue for services provided to the customer in Event 7.
Required
Record the events in the general journal.
Post the events to T-accounts.
Test the equality of the debit and credit balances of the T-accounts by preparing a trial balance.

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