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

Acquired $$52,000$ cash from the issue of common stock.

Paid $$13,700$ cash in advance for rent. The payment was for the period April $1,$ Year $1,$ to March $31,$ Yea

Performed services for customers on account for $$106,000.$

Incurred operating expenses on account of $$43,500.$

Collected $$81,000$ cash from accounts receivable.

Paid $$38,000$ cash for salary expense.

Paid $$34,800$ cash as a partial payment on accounts payable.

Adjusting Entries

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

$9.$ Recorded $$5,800$ of accrued salaries at the end of Year $1.$

Events for Year $2$

Paid $$5,800$ cash for the salaries accrued at the end of the prior accounting period.

Performed services for cash of $$55,000.$

Purchased $$4,500$ of supplies on account.

Paid $$15,600$ cash in advance for rent. The payment was for one year beginning April $1,$ Year $2.$

Performed services for customers on account for $$122,000.$

Incurred operating expenses on account of $$58,500.$

Collected $$106,000$ cash from accounts receivable.

Paid $$56,000$ cash as a partial payment on accounts payable.

Paid $$33,200$ cash for salary expense.

Paid a $$14,000$ cash dividend to stockholders.