1. Acquired $50,000 cash from the issue of common stock. 2. Paid $13,500 cash in advance for rent. The payment was for the period April 1. Year 1, to March 31, Year 2. 3. Performed services for customers on account for $102,000. 4. Incurred operating expenses on account of $42,500. 5. Collected $78,000 cash from accounts receivable. 6. Paid $36,000 cash for salary expense. 7. Paid $34.000 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $5,400 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $5,400 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $51,000. 3. Purchased $4,300 of supplies on account 4. Paid $15,000 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $118,000. 6. Incurred operating expenses on account of $56,500. 7. Collected $104,000 cash from accounts receivable. 8. Paid $54.000 cash as a partial payment on accounts payable. 9. Paid $33,000 cash for salary expense. 10. Paid a $12,000 cash dividend to stockholders. Adjusting Entries 11. Made the adjusting entry for the expired rent. (Hint Part of the rent was paid in Year 1:) 12. Recorded supplies expense. A physical count showed that $650 of supplies were still on hand, f. Prepare a post-closing trial balance for December 31, Year 1. COLTON ENTERPRISES Post-Closing Trial Balance December 31, Year 1 Account Titles Debit Credit Totals $ 0 $ o