15 ! Required information [The following information applies to the questions displayed below.] Part 6 of 7 Colton Enterprises experienced the following events for Year 1, the first year of operation: 6.25 points 1. Acquired $51,000 cash from the issue of common stock. 2. Paid $13,600 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 $104,000. 4. Incurred operating expenses on account of $43,000. 5. Collected $79,500 cash from accounts receivable. 6. Paid $37,000 cash for salary expense. 7. Paid $34,400 cash as a partial payment on accounts payable. eBook Print References Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $5,600 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $5,600 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $53,000. OneDrive f. Prepare a post-closing trial balance for December 31, Year 1. 7 COLTON ENTERPRISES Post-Closing Trial Balance December 31, Year 1 Account Titles Debit Credit k ces Totals $ 0 $ 0