Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $35,000 cash from the issue of common stock. Paid $12,000 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $72,000. Incurred operating expenses on account of $35,000. Collected $55,500 cash from accounts receivable. Paid $21,000 cash for salary expense. Paid $28,000 cash as a partial payment on accounts payable. Adjusting Entries Made the adjusting entry for the expired rent. (See Event 2.) Recorded $2,400 of accrued salaries at the end of Year 1. Events for Year 2 Paid $2,400 cash for the salaries accrued at the end of the prior accounting period. Performed services for cash of $21,000. Purchased $2,800 of supplies on account. Paid $13,200 cash in advance for rent. The payment was for one year beginning April 1, Year 2. Performed services for customers on account for $88,000. Incurred operating expenses on account of $41,500. Collected $89,000 cash from accounts receivable. Paid $39,000 cash as a partial payment on accounts payable. Paid $31,500 cash for salary expense. Paid a $10,000 cash dividend to stockholders. Adjusting Entries Made the adjusting entry for the expired rent. (Hint: Part of the rent was paid in Year 1.) Recorded supplies expense. A physical count showed that $450 of supplies were still on hand.