Colton Enterprises experienced the following events for 2016, the first year of operation:

1. Acquired $43,000 cash from the issue of common stock.

2. Paid $12,800 cash in advance for rent. The payment was for the period April 1, 2016, to March 31, 2017.

3. Performed services for customers on account for $88,000.

4. Incurred operating expenses on account of $39,000.

5. Collected $67,500 cash from accounts receivable.

6. Paid $29,000 cash for salary expense.

7. Paid $31,200 cash as a partial payment on accounts payable. Adjusting Entries

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

9. Recorded $4,000 of accrued salaries at the end of 2016.

Events for 2017

1. Paid $4,000 cash for the salaries accrued at the end of the prior accounting period.

2. Performed services for cash of $37,000.

3. Purchased $3,600 of supplies on account.

4. Paid $12,900 cash in advance for rent. The payment was for one year beginning April 1, 2017.

5. Performed services for customers on account for $104,000.

6. Incurred operating expenses on account of $49,500.

7. Collected $97,000 cash from accounts receivable.

8. Paid $47,000 cash as a partial payment on accounts payable.

9. Paid $32,300 cash for salary expense.

10. Paid a $11,000 cash dividend to stockholders. Adjusting Entries

11. Made the adjusting entry for the expired rent. (Hint: Part of the rent was paid in 2016.)

12. Recorded supplies expense. A physical count showed that $300 of supplies were still on hand

a. Record the events and adjusting entries for 2016 in general journal form b. Post the 2016 events to T-accounts c. Prepare a trial balance for 2016 d-1. Prepare an income statement for 2016. d-2. Prepare a statement of changes in stockholders equity for 2016 d-3. Prepare a balance sheet for 2016 d-4. Prepare a statement of cash flows for 2016 e. Record the entries to close the 2016 temporary accounts to Retained Earnings in the general journal and post to the T-accounts. f. Prepare a post-closing trial balance for December 31, 2016 g. Repeat parts a through f for 2017