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If please answers for year 1and 2. Thank you. G Google YouTube Maps Module 5) Saved Colton Enterprises experienced the following events for Year 1,
If please answers for year 1and 2. Thank you.
G Google YouTube Maps Module 5) Saved Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $37,000 cash from the issue of common stock. 2. Paid $12,200 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 $76,000. 4. Incurred operating expenses on account of $36,000. 5. Collected $58,500 cash from accounts receivable. 6. Paid $23,000 cash for salary expense. 7. Paid $28.800 cash as a partial payment on accounts payable. -32 Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $2.800 of accrued salaries 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. Paid $11,100 cash in advance for rent. The payment was for one year beginning April 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 receivable. 8. Paid $41,000 cash as a partial payment on accounts payable. 9. Paid $31.700 cash for salary expense. 10. Paid a $11,000 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) e 5) G Saved b. Periormeu services Tor Customers on dccount IOI DY2,000. 6. Incurred operating expenses on account of $43,500. 7. Collected $91,000 cash from accounts receivable. 8. Paid $41,000 cash as a partial payment on accounts payable. 9. Paid $31,700 cash for salary expense. 10. Paid a $11,000 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 $550 of supplies were still on hand. Required a. Record the events and adjusting entries for Year 1 in general journal form. (Do not round intermediate calculatio required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Debit Credit No Event General Journal 37.000 A 1 Cash Common stock 37.0 12.200 B 2 12.2 Prepaid rent CashStep by Step Solution
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