Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $54,000 cash from the issue of common stock. 2. Paid $13,900 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 $110,000. 4. Incurred operating expenses on account of $44,500. 5. Collected $84,000 cash from accounts receivable. 6. Paid $40,000 cash for salary expense. 7. Paid $35,600 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $6,200 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $6,200 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $59,000. 3. Purchased $4,700 of supplies on account. 4. Paid $16,200 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $126,000. 6. Incurred operating expenses on account of $60,500. 7. Collected $108,000 cash from accounts receivable. 8. Paid $58,000 cash as a partial payment on accounts payable. 9. Paid $33,400 cash for salary expense. 10. Paid a $10,000 cash dividend to stockholders. Record cash paid for salaries accrued at the end of the prior accounting period. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal CYCU TUI LORBOLLIVIV CVET, CICLL TU JUUTIOI CILY Cyuncu" LC ma OULUUNIL CIU. View transaction list Journal entry worksheet Record cash received for services performed. Note: Enter debits before credits. General Journal Debit Credit Event 2 Record entry Clear entry View general journal 17 Dru Neyt CUVIOSULLIVIVOVCHIL, SCIELL "U JUUTIOT CHILI Y ICY CUTLICH SL GULUUIIL TICIU:) View transaction list Journal entry worksheet View transaction list Journal entry worksheet Record cash paid in advance for rent. Note: Enter debits before credits. Event General Journal Debit Credit 4 Record entry Clear entry View general journal CD View transaction list Journal entry worksheet View transaction list Journal entry worksheet IcYUCU TUI O UCISALLIURV CVCHG, SCIELL IN JOUTUI CHILEY CYuri cu HI LIIC TIJL OLLUUIIC FICIU. View transaction list Journal entry worksheet Record entry for cash collected from accounts Receivable. Note: Enter debits before credits. Event General Journal Debit Credit 7 Record entry Clear entry View general journal -YUCU VEOMANSALLIIV CVETL SCICLE JUUCI CILI Y TEYUCU FELICIL OLLUUIIC TICI: View transaction list Journal entry worksheet Record cash paid for partial payment on accounts payable. Note: Enter debits before credits. Event General Journal Debit Credit 8 Record entry Clear entry View general journal Journal entry worksheet Record entry for cash dividend to stockholders. Note: Enter debits before credits. Event General Journal Debit Credit 10 Record entry Clear entry View general journal CD EYUCU TOFU MOHDOLLIVIV CVCIL, CICLE NU JUUIT CITU yeyuncu MCBL OLLUTIL :) View transaction list Journal entry worksheet L Record adjusting entry for supplies expenses. Note: Enter debits before credits. Event General Journal Debit Credit 12 Record entry Clear entry View general journal
