Colton Enterprises experlenced the following events for Year 1 , the first year of operation: 1. Acquired $37,000 cash from the issue of common stock. 2. Pald $12,200 cash in advance for rent. The payment was for the perlod Aprll 1. Year 1, to March 31, Year 2. 3. Performed services for customers on account for $76,000. 4. Incurred operating expenses on account of $36.000. 5. Collected $58,500 cash from accounts recelvable. 6. Pald $23,000 cash for salary expense. 7. Paid $28,800 cash as a partial payment on accounts payable. Adjusting Entrles 8. Made the adjusting entry for the expired rent (See Event 2.) 9. Recorded $2.800 of aecrued salarles at the end of Year 1. Events for Year 2 1. Paid $2,800 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $25.000. 3. Purchased $3,000 of supplies on account. 4. Pald $11,100 cash in advance for rent. The payment was for one year beginning Aprill 1. Year 2. 5. Performed services for customers on account for $92,000. 6. Incurred operating expenses on account of $43.500. 7. Collected $91,000 cash from accounts recelvable. 8. Pald $41,000 cash as a partial payment on accounts payable. 9. Pald $31,700 cash for salary expense. 10. Paid a $11,000 cash dividend to stockholders. b. Dnotitha Vaarinuinnikinit