Waddell Company had the following balances in its accounting records as of December 31, Year 1. Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total Assets Cash Accounts Receivable Land Total $50,000 47,000 35,000 $ 132,000 The following accounting events apply to Waddell Company's Year 2 fiscal year:
January 1 Acquired $48,000 cash from the issue of common stock. February 1 March 1 April 1 May 1 July 1 September 1 October 1 $ 27,000 92,000 13,000 $ 132,000 Paid $5,100 cash in advance for a one-year lease for office space. Paid a $2,200 cash dividend to the stockholders. Purchased additional land that cost $35,000 cash. Made a cash payment on accounts payable of $22,000. Received $8,000 cash in advance as a retainer for services to be performed monthly over the coming year. Sold land for $20,000 cash that had originally cost $20,000. Purchased $1,020 of supplies on account. December 31 Earned $63,000 of service revenue on account during the year. December 31 Received cash collections from accounts receivable amounting to $58,000. December 31 Incurred other operating expenses on account during the year that amounted to $14,000. December 31 Recognized accrued salaries expense of $5,100. December 31 Had $150 of supplies on hand at the end of the period. December 31 The land purchased on April 1 had a market value of $32,000.
Waddell Company had the following balances in its accounting records as of December 31 , Year 1 . The following accounting events apply to Waddell Company's Year 2 fiscal year: January 1 Acquired $48,000 cash fron the issue of comnon stock. February 1 Paid $5,100 cash in advance for a one-year lease for office-space. March 1 Paid a $2,200 cash dividend to the stockholders. April 1 Purchased additional land that cost $35,000 cash. May 1 Made a cash payment on accounts payable of $22,0 a. July 1 Received $8, eas cash in advance as a retainer for services to be performed monthly over the coning year. Septenber 1 Sold land for $20,000 cash that had originally cost $20,000. October 1 Purchased $1,028 of supplies on account. Decenber 31 Earned \$63,063 of service revenue on account during the year. December 31 Received cash collections fron accounts receivable amounting to $58,000. December 31 Incurred other operating expenses on account during the year that anounted to $14,000. December 31 Recognized accrued salaries expense of $5,100. December 31 Had $150 of supplies on hand at the end of the period. December 31 The land purchased on Aprit 1 had a market value of $32,000. Waddell Company had the following balances in its accounting records as of December 31 , Year 1 . The following accounting events apply to Waddell Company's Year 2 fiscal year: January 1 Acquired $48,000 cash fron the issue of comnon stock. February 1 Paid $5,100 cash in advance for a one-year lease for office-space. March 1 Paid a $2,200 cash dividend to the stockholders. April 1 Purchased additional land that cost $35,000 cash. May 1 Made a cash payment on accounts payable of $22,0 a. July 1 Received $8, eas cash in advance as a retainer for services to be performed monthly over the coning year. Septenber 1 Sold land for $20,000 cash that had originally cost $20,000. October 1 Purchased $1,028 of supplies on account. Decenber 31 Earned \$63,063 of service revenue on account during the year. December 31 Received cash collections fron accounts receivable amounting to $58,000. December 31 Incurred other operating expenses on account during the year that anounted to $14,000. December 31 Recognized accrued salaries expense of $5,100. December 31 Had $150 of supplies on hand at the end of the period. December 31 The land purchased on Aprit 1 had a market value of $32,000
