Colton Enterprisserienced the following events for Year 1, the first year of operation 1. Noored $42,000 cash from the issue of common stock 2017 $12.700 cash in advance for rent. The payment was for the period April 1, Year to March 31, Yea 3.Pred services for customers on account for $86,000. 4. Incurred operating expenses on account of $38,500. 5. Colectosh from accounts receivable. 6. Pald $2 salaries expense, 2. Paid $300 as a partial payment on accounts payable. 2Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $3,800 of accrued salaries at the end of Year 1. Events for Year 2 1. PU $3,800 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $35,000 3. Purchased $3.500 of supplies on account. 4. Paid $12,600 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $102,000. 6. Incurred operating expenses on account of $48,500. 7. Collected $96.000 cash from accounts receivable. 8. Paid $46,000 cash as a partial payment on accounts payable. 9. Paid $32.200 cash for salaries expense. 10. Paid a $10,000 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. Colton Enterprisserienced the following events for Year 1, the first year of operation 1. Noored $42,000 cash from the issue of common stock 2017 $12.700 cash in advance for rent. The payment was for the period April 1, Year to March 31, Yea 3.Pred services for customers on account for $86,000. 4. Incurred operating expenses on account of $38,500. 5. Colectosh from accounts receivable. 6. Pald $2 salaries expense, 2. Paid $300 as a partial payment on accounts payable. 2Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $3,800 of accrued salaries at the end of Year 1. Events for Year 2 1. PU $3,800 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $35,000 3. Purchased $3.500 of supplies on account. 4. Paid $12,600 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $102,000. 6. Incurred operating expenses on account of $48,500. 7. Collected $96.000 cash from accounts receivable. 8. Paid $46,000 cash as a partial payment on accounts payable. 9. Paid $32.200 cash for salaries expense. 10. Paid a $10,000 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