Question 46 —  Michael Company experienced the following eve…

Questiоn 46 —  Michаel Cоmpаny experienced the fоllowing events during the yeаr ended Dec. 31, Year 1: a) Performed services for $45,000 cash. b) Performed $20,000 of services on account. c) Purchased land for $5,000 cash. d) Paid $36,000 cash for salaries expense. e) Collected $14,000 from accounts receivable. f) On December 20, received $18,000 cash in advance from customers for services Michael will provide starting on January 1 of next year. g) On December 31, recorded the adjusting entry to accrue $7,000 of operating expenses incurred on account. Required: Complete the journal entries by entering the appropriate account title in each blank. Event Account Title Debit Credit a) [a1] $45,000     Service Revenue   $45,000 b) [b1] $20,000     [b2]   $20,000 c) [c1] $5,000     Cash   $5,000 d) [d1] $36,000     Cash   $36,000 e) [e1] $14,000     [e2]   $14,000 f) Cash $18,000     [f1]   $18,000 g) [g1] $7,000     [g2]   $7,000