Colton Enterprises experienced the following events for Year 1 , the first yeaf of operation: 1. Acquired $37.000 cash from the issue of common stock. 2. Paid $12,200 cash in advance for rent. The payment was for the period Apnil. Year 1, to March 31, Year 2. 3. Performed services for customers on account for $76,000 4. Incurred operaung expenses on account of $36,000. 5. Collected $58,500 cash from accounts recelvable 6. Paid $23,000 cash for salary expense? 7. Paid $28.800 cash as a partial payment on accogrits payable. Adjusting Entries 8. Made the adjusung entry for the expired rent (See Event 2) 9. Recorded \$2,800 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $2.800 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $25,000. 3. Purchased $3,000 of supplies on account. 4. Paid $11.100 cash in advance for rent. The payment was for one year beginning Apris 1. Year 2. 5. Performed services for customers on account for $92,000. 6. Incurred operating expenses on account of $43.500. 7. Collected $91,000 cash from accounts recelvable. 3. Paid $41.000 cash as a partial payment on accounts payable. 9. Paid $31700 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. Rar of the rent was paid in Year is 12. Recorded supplies expense A physical count showed that $550 of supplies were stili on hand. e. Record the entrles to close the Year 1 temporary accounts to Retained Earnings in the general joumal and post to the T-accounts. (If no entry is required for a transaction/event, select "No journal entry requlred" In the first account fleld.)