1. Paid $4,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $37,000. 3. Purchased $3,600 of supplies on account. 4. Paid $12,900 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $104,000. 6. Incurred operating expenses on account of $49,500. 7. Collected $97,000 cash from accounts recelvable. 8. Paid $47,000 cash as a partial payment on accounts payable. 9. Pald $32,300 cash for salary expense. 10. Paid a $11,000 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 $300 of supplies were still on hand. Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 2. g. Repeat parts a through f for Year 2. Complete this question by entering your answers in the tabs below. Dronano a etatement of changee in stockholdars' eauitv for Year 2. Prepare a balance sheet for Year 2. Prepare a balance sheet for Year 2. (Enter any decreases to account balances and cash outflows with a minus sign.) Record the entries to close the Year 2 temporary accounts to Retained Earnings In the general journal. (If no e transaction/event, select "No journal entry required" in the first account fleld.) Journal entry worksheet Note: Enter debits before credits. Record the entries to close the Year 2 temporary accounts to Retained Earnings In the general journal. (If no entr transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the closure of the dividends account. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare a post-closing trial balance for December 31 , Year 2. Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $43,000 cash from the issue of common stock. 2. Paid $12,800 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 $88,000. 4. Incurred operating expenses on account of $39,000. 5. Collected $67,500 cash from accounts recelvable. 6. Paid $29,000 cash for salary expense. 7. Paid $31,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $4,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $37,000. 3. Purchased $3,600 of supplies on account. 4. Paid $12,900 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $104,000. 6. Incurred operating expenses on account of $49,500. 7. Collected $97,000 cash from accounts receivable. 8. Paid $47,000 cash as a partial payment on accounts payable. 9. Paid $32,300 cash for salary expense. 10. Paid a $1,000 cash dividend to stockhoiders. 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 $300 of supplies were still on hand
