Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $44,000 cash from the issue of common stock. 2. Pald $12,900 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 $90,000. 4. Incurred operating expenses on account of $39,500. 5. Collected $69,000 cash from accounts receivable. 6. Paid $30,000 cash for salary expense. 7. Paid $31,600 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2) 9. Recorded $4,200 of accrued salaries at the end of Year 1. c. Prepare a trial balance for Year 1. COLTON ENTERPRISES Trial Balance December 31, Year 1 Account Titles Totals Debit Credit 69 $ 0 $ 0