$[$ine tollowing intormation applles to the questions aispiayea DeIoW.J

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

Acquired $$39,000$ cash from the issue of common stock.

Paid $$12,400$ 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 $$80,000.$

Incurred operating expenses on account of $$37,000.$

Collected $$61,500$ cash from accounts receivable.

Paid $$25,000$ cash for salary expense.

Paid $$29,600$ cash as a partial payment on accounts payable.

Adjusting Entries

Made the adjusting entry for the expired rent. $($See Event $2.)$

Recorded $$3,200$ of accrued salaries at the end of Year $1.$

Events for Year $2$

Paid $$3,200$ cash for the salaries accrued at the end of the prior accounting period.

Performed services for cash of $$29,000.$

Purchased $$3,200$ of supplies on account.

Paid $$11,700$ cash in advance for rent. The payment was for one year beginning April $1,$ Year $2.$

Performed services for customers on account for $$96,000.$

Incurred operating expenses on account of $$45,500.$

Collected $$93,000$ cash from accounts receivable.

Paid $$43,000$ cash as a partial payment on accounts payable.

Paid $$31,900$ cash for salary expense.

Paid a $$13,000$ cash dividend to stockholders.

Adjusting Entries

Adjusting Entries

Made the adjusting entry for the expired rent. $($See Event $2.)$

Recorded $$3,200$ of accrued salaries at the end of Year $1.$

Events for Year $2$

Paid $$3,200$ cash for the salaries accrued at the end of the prior accounting period.

Performed services for cash of $$29,000.$

Purchased $$3,200$ of supplies on account.

Paid $$11,700$ cash in advance for rent. The payment was for one year beginning April $1,$ Year $2.$

Performed services for customers on account for $$96,000.$

Incurred operating expenses on account of $$45,500.$

Collected $$93,000$ cash from accounts receivable.

Paid $$43,000$ cash as a partial payment on accounts payable.

Paid $$31,900$ cash for salary expense.

Paid a $$13,000$ 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.