Reference no: EM132651885

Question 1: Make an events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period:

1. Performed $107,000 of services for clients on account.
2. Performed $58,000 of services for cash.
3. Incurred $64,000 of other operating expenses on account.
4. Paid $24,000 cash to an employee for salary.
5. Collected $72,000 cash from accounts receivable.
6. Paid $38,000 cash on accounts payable.
7. Paid a $7,000 cash dividend to the stockholders.
8. Accrued salaries were $5,600 at the end of Year 1.