Coiton Enterprises experienced the following events for Year $1,$ the first year of operation:

Acquired $$38,000$ cash from the issue of common stock.

Paid $$12,300$ cash in advance for rent. The payment was for the period April $1,$ Year $1,$ to March $31,$ Year $2.$

Performed services for customers on account for $$78,000.$

Incurred operating expenses on account of $$36,500.$

Collected $$60,000$ cash from accounts receivable.

Paid $$24,000$ cash for salary expense.

Paid $$29,200$ cash as a partial payment on accounts payable.

Adjusting Entries

Made the adjusting entry for the expired rent. $($See Event $2.)$

Recorded $$3,000$ of accrued salaries at the end of Year $1.$ Prepare a Trial Balance for Year $1$