Colton Enterprises experienced the following events for Year 1, the first year of operation 1. Acquired $41,000 cash from the issue of common stock 2. Paid $12,600 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 $84,000. 4. Incurred operating expenses on account of $38.000 5. Collected $64.500 cash from accounts receivable 6. Paid $27,000 cash for salary expense. 7. Paid $30,400 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $3,600 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $3,600 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $33,000. 3. Purchased $3,400 of supplies on account. 4. Paid $12,300 cash in advance for rent. The payment was for one year beginning April 1. Year 2. 5. Performed services for customers on account for $100,000. 6. Incurred operating expenses on account of $47,500. 7. Collected $95.000 cash from accounts receivable. Events for Year 2 1. Paid $3,600 cash for the salaries accrued at the end of the prior accounting period 2. Performed services for cash of $33,000 3. Purchased $3,400 of supplies on account 4. Paid $12,300 cash in advance for rent. The payment was for one year beginning April 1. Year 2. 5. Performed services for customers on account for $100,000. 6. Incurred operating expenses on account of $47,500. 7. Collected $95,000 cash from accounts receivable. 8. Paid $45.000 cash as a partial payment on accounts payable. 9. Paid $32,100 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 $750 of supplies were still on hand. Required information Post the closing entries for Year 2 to the T-accounts Accounts Receivable Cash Beg Bal Bog Bal End Bal End Bal Supplies Prepaid Rent Bag Bal Beg Bal End. Bal End Bal Common Stock Accounts Payable Beg Bal Beg Bal End Bal End Bal Dividends Retained Earnings Beg Bal Beg Bal End. Bal. End. Bal Operating Expenses Service Revenue Beg Bal eg. Bal End. Bal nd. Bal Salaries Expense Rent Expense Beg Bal eg. Bal. End. Bal d. Bal Required information ULIT tanyes Juutta Prepare a post-closing trial balance for December 31, Year 2. COLTON ENTERPRISES Post-Closing Trial Balance December 31, Year 2 Account Titles Debit Credit Totals $ 0 0 $