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Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $53,000 cash from the issue of common stock. 2.

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Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $53,000 cash from the issue of common stock. 2. Paid $13,800 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 $108,000. 4. Incurred operating expenses on account of $44,000. 5. Collected $82,500 cash from accounts receivable. 6. Paid $39,000 cash for salary expense. 7. Paid $35,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $6,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $6,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $57,000. 3. Purchased $4,600 of supplies on account 4. Pald $15,900 cash in advance for rent. The payment was for one year beginning April 1. Year 2. 5. Performed services for customers on account for $124,000. 6. Incurred operating expenses on account of $59,500. 7. Collected $107.000 cash from accounts receivable. 8. Paid $57,000 cash as a partial payment on accounts payable. 9. Pald $33,300 cash for salary expense. 10. Paid a $15,000 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 $800 of supplies were still on hand. 9. Repeat parts a through for Year 2. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Statement of Cash Flows only, Items to be deducted must be indicated with a negative amount.) View transaction list 3:58 Journal entry worksheet Record the closure of service revenue. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general journal Cash Accounts Receivable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Prepaid Ront Supplios Beg. Bal. Beg. Bal. End. Bal. End. Bal Accounts Payablo Common Stock Beg. Bal. Beg. Bal. End. Bal. End. Bal. Retained Earnings Dividends Beg. Bal. Bog, Bal cl ol cl cl End. Bal. End. Bal. Service Revenue Operating Expenses Beg. Bal. Beg Bal. cl cl End. Bal. End. Bal. Salaries Expenso Rent Expense Beg. Bal Beg. Bal. cl cl End, Bal. End, Bal Supplies Expense Beg. Bal. cl COLTON ENTERPRISES Post-Closing Trial Balance December 31, Year 2 Account Titles Debit Credit Totals

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