Received $50,000 cash from the issue of common stock. The following events apply to Charles Event Service in Year 1, its first year of operations. Received $50,000 cash from the issue of common stock. Paid $22,000 cash to purchase land. Purchased $1,250 of supplies on account. Earned $46,000 of service revenue on account. Recognized $850 of supplies expense. Collected $42,500 of cash from accounts receivable. Incurred $15,000 of operating expenses on account. Paid a $9,000 cash dividend to the stockholders. Made a $11,500 payment on accounts payable. Required: Record the events in the general journal. Post the events to T-accounts and determine the ending account balances. Test the equality of the debit and credit balances of the T-accounts by preparing a trial balance. In this exercise, we will record each of the transactions in the general journal and post them to T-accounts. Then, we will prepare the trial balance for the company.