17 ces Required information [The following information applies to the questions displayed below.] Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $48,000 cash from the issue of common stock. 2. Paid $13,300 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 $98,000. 4. Incurred operating expenses on account of $41,500. 5. Collected $75,000 cash from accounts receivable. 6. Paid $34,000 cash for salary expense. 7. Paid $33,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $5,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $5,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $47,000. 3. Purchased $4,100 of supplies on account. 4. Paid $14,400 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $114,000. 6. Incurred operating expenses on account of $54,500. 7. Collected $102,000 cash from accounts receivable. 8. Paid $52,000 cash as a partial payment on accounts payable. 9. Paid $32,800 cash for salary expense. 10. Paid a $10,000 cash dividend to stockholders. 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 $550 of supplies were still on hand. 707 Required information Record the events and adjusting entries for Year 2 in general journal form. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account held.) Journal entry worksheet < C D E F G H L Record cash paid for salaries accrued at the end of the prior accounting period. Event 1 General Journal Debil Credi Record entry Clear entry View general journal Check my work 177 View transaction list B 10 m References Mc Grow austing entries for Year 2 in general journal form. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet < A CDE Record cash received for services performed. Note: Enter debits before credits Event 2 F H L > General Journal Debit Credit View general journal Record entry Clear entry Record the events and adjusting entries for Year 2 in general joumal form. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B D E L > Record supplies purchase on account. Note: Enter debits before credits rences Event 3 General Journal Debit Credit Record entry View general journal Clear entry Record the events and adjusting entries for Year 2 in general journal form. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A B C Record cash paid in advance for rent. Note: Enter debits before credits Event 4 E F G H > General Journal Debit Credit View general journal Record entry Clear entry jounier form too hot round intermediate calculations. if no entry is required for a transaction/event, select "No journal entry required" in the first account held.) View transaction list Journal entry worksheet Note: Enter debits before credits. Event 5 General Journal Debit Credit Record entry Clear entry View general journal ule events and adjusting entries for Year 2 in general journal form. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account held.) View transaction list Journal entry worksheet A B C D E Record operating expenses incurred on account. G H L Note: Enter debits before credits Event 6 General Journal Debit Credit Record entry Clear entry View general journal View transaction list event, select "No journal entry required" in the first account field.) TOURS intermediate calculations. If no entry is Journal entry worksheet < A B C D E F Record entry for cash collected from accounts Receivable. Note: Enter debits before credits Event 7 H General Journal Debit Credit View general journal Record entry Clear entry Record the events and adjusting entries for Year 2 in general journal form. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A B C D E F G B L > Record cash paid for partial payment on accounts payable. Note: Enter debits before credits Event 8 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < A That endy required in the first account field.) E F G H Record adjusting entry for supplies expenses. J K > Note: Entar debits before credits ces Event 12 General Journal Debit Credit Record entry Clear entry View general journal