Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $55,000 cash from the issue of common stock. 2. Paid $14,000 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 $112,000. 4. Incurred operating expenses on account of $45,000. 5. Collected $85,500 cash from accounts receivable. 6. Paid $41,000 cash for salary expense. 7. Paid $36,000 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $6,400 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $6,400 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $61,000. 3. Purchased $4,800 of supplies on account. 4. Paid $16,500 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $128,000. 6. Incurred operating expenses on account of $61,500. 7. Collected $109,000 cash from accounts receivable. 8. Paid $59,000 cash as a partial payment on accounts payable. 9. Paid $33,500 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 Year 1.) 12. Recorded supplies expense. A physical count showed that $450 of supplies were still on hand. Required a. Record the events and adjusting entries for Year 1 in general journal form. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record issuance of common stock. Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record cash paid in advance for Rent. Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 56789 Record services performed on account. Note: Enter debits before credits. Event 3 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 6 7 8 Record operating expenses incurred on account. Note: Enter debits before credits. Event 4 0 General Journal Debit Credit > View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 50 6 7 8 9 Record entry for cash collected from accounts Receivable. Note: Enter debits before credits. Event LO 5 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Record cash paid for salary expenses. Note: Enter debits before credits. Event 6 00 789 General Journal Debit Credit > View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 5 6 7 8 Record cash paid for partial payment on accounts payable. Note: Enter debits before credits. Event 7 6 General Journal Debit Credit > View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record adjusting entry for expired rent. Note: Enter debits before credits. Event 8 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record adjusting entry for accrued salaries at end of Year 1. Note: Enter debits before credits. Event 9 General Journal Debit Credit View general journal Record entry Clear entry