anting Cycle Exercise Seved 7 Colton Enterprises experienced the following events for Year 1, the first year of operation: of book to 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. 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 $550 of supplies were still on hand. aw < Prev 7 of 7 Next> Help Save & Exit Submit Check my work 7 3.58 Mc Required information General Joumal T Accounts Tal Balance Income Sam Stmt of Changes Balance Stmt of Sheet Cash Flows Closing Entries Closing T Acts Prepare a trial balance for Year 2. COLTON ENTERPRISES Trial Balance December 31, Year 2 Bock Account Tits Debit Credit Print Graw H Totals < Prev 7 of 7 Next > Past Closing Tral Balance Check my work