Accounting Cycle Exercise 7 Seved Help Save & Exit Submit Check my work Port 7 of 7 4.32 points elloos Pot Reences 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 $53,000 cash from the issue of common stock. 2. Paid $13,800 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 $108,000 4. Incurred operating expenses on account of $44,000. 5. Collected $82,500 cash from accounts receivable. 6. Paid $39,000 cash for salary expense. 7. Paid $35.200 cash as a partial payment on accounts payable... Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2) 9. Recorded $6,000 of accrued salaries at the end of Year 1. Fuente for Year 2 Counting Cycle Exercise 1 Saved 7 Part 7 of 7 4.32 points eBook Print References Events for Year 2 1. Paid $6,000 cash for the salaries accrued at the end of the prior accounting period 2. Performed services for cash of $57,000 3. Purchased $4,600 of supplies on account. 4. Paid $15,900 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $124,000. 6. Incurred operating expenses on account of $59,500 7. Collected $107,000 cash from accounts receivable. 8. Paid $57,000 cash as a partial payment on accounts payable. 9. Paid $33,300 cash for salary expense. 10. Paid a $15,000 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 $800 of supplies were still on hand g. Repeat parts a through ffor Year 2. 9 Help Save & Exit Submit Check my work