post the year 1 events to t-accounts

prepare an income statement for year 1

record the entries to close the year 1 temporary accounts to retained earnings in the general jounrla and post to the t accounts

Required information [The following information applles to the questions displayed below.] Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $36,000 cash from the issue of common stock. 2. Paid $12,100 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 $74,000. 4. Incurred operating expenses on account of $35,500. 5 . Collected $57,000 cash from accounts receivable. 6. Paid $22,000 cash for salary expense. 7. Paid $28,400 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $2,600 of accrued salaries at the end of Year 1