Colton Enterprises experienced the following events for Year 1, the first year of operation Acquired $50,000 cash from the issue of common stock Paid $13,500 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 $102,000 Incurred operating expenses on account of $42,500 Collected $78,000 cash from accounts receivable Paid $36,000 cash for salary expense Paid $34,000 cash as a partial payment on accounts payable Adjusting Entries Made the adjusting entry for the expired rent (See Event 2 ) Recorded $5,400 of accrued salaries at the end of Year 1 Events for Year 2 Paid $5,400 cash for the salaries accrued at the end of the prior accounting period Performed services for cash of $51,000 Purchased $4,300 of supplies on account Paid $15,000 cash in advance for rent The payment was for one year beginning April 1, Year 2 Performed services for customers on account for $118,000 Incurred operating expenses on account of $56,500 Collected $104,000 cash from accounts receivable Paid $54,000 cash as a partial payment on accounts payable Paid $33,000 cash for salary expense Paid a $12,000 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 $650 of supplies were still on hand 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 )

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Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000 cash from the issue of common stock. Paid $13,500

Colton Enterprises experienced the following events for Year 1, the first year of operation:

Acquired $50,000 cash from the issue of common stock.
Paid $13,500 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 $102,000.
Incurred operating expenses on account of $42,500.
Collected $78,000 cash from accounts receivable.
Paid $36,000 cash for salary expense.
Paid $34,000 cash as a partial payment on accounts payable.

Adjusting Entries

Made the adjusting entry for the expired rent. (See Event 2.)
Recorded $5,400 of accrued salaries at the end of Year 1.

Events for Year 2

Paid $5,400 cash for the salaries accrued at the end of the prior accounting period.
Performed services for cash of $51,000.
Purchased $4,300 of supplies on account.
Paid $15,000 cash in advance for rent. The payment was for one year beginning April 1, Year 2.
Performed services for customers on account for $118,000.
Incurred operating expenses on account of $56,500.
Collected $104,000 cash from accounts receivable.
Paid $54,000 cash as a partial payment on accounts payable.
Paid $33,000 cash for salary expense.
Paid a $12,000 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 $650 of supplies were still on hand.

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.)