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Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $45,000 cash from the issue of common stock. 2. Paid $13,000 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 $92,000. 4. Incurred operating expenses on account of $40,000. 5. Collected $70,500 cash from accounts receivable. 6. Paid $31,000 cash for salary expense. 7. Paid $32,000 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,400 of accrued salaries at the end of Year 1. Events for Year 2 1. Pald $4,400 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $41,000. 3. Purchased $3,800 of supplies on account. 4. Paid $13,500 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $108,000. 6. Incurred operating expenses on account of $51,500. 7. Collected $99,000 cash from accounts receivable. 8. Paid $49,000 cash as a partial payment on accounts payable. 9. Paid $32,500 cash for salary expense. 10. Paid a $13,000 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 supolles expense. A phvsical count showed that $400 of suoplies were still on hand. Journal entry worksheet Record entry to close service revenue. Note: Enter debits before credits. Journal entry worksheet Record entry to close expenses. Note: Enter debits before credits