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Problem 1 3 - 3 4 A ( Algo ) Two complete accounting cycles LO 1 3 - 1 , 1 3 - 2 ,
Problem A Algo Two complete accounting cycles LO
The following information applies to the questions displayed below.
Colton Enterprises experienced the following events for Year the first year of operation:
Acquired $ cash from the issue of common stock.
Paid $ cash in advance for rent. The payment was for the period April Year to March Year
Performed services for customers on account for $
Incurred operating expenses on account of $
Collected $ cash from accounts receivable.
Paid $ cash for salary expense.
Paid $ cash as a partial payment on accounts payable.
Adjusting Entries
Made the adjusting entry for the expired rent. See Event
Recorded $ of accrued salaries at the end of Year
Events for Year
Paid $ cash for the salaries accrued at the end of the prior accounting period.
Performed services for cash of $
Purchased $ of supplies on account.
Paid $ cash in advance for rent. The payment was for one year beginning April Year
Performed services for customers on account for $
Incurred operating expenses on account of $
Collected $ cash from accounts receivable.
Paid $ cash as a partial payment on accounts payable.
Paid $ cash for salary expense.
Paid a $ cash dividend to stockholders.
Adjusting Entries
Made the adjusting entry for the expired rent. Hint Part of the rent was paid in Year
Recorded supplies expense. A physical count showed that $ of supplies were still on hand.
Problem A Algo Part g
g Repeat parts a through for Year
Complete this question by entering your answers in the tabs below.
General
Journal
T Accounts
Trial Balance
Income
Stmt of
Balance
Stmt of
Closing
Closing
Post Closing
Changes
Sheet
Cash Flows
Entries
Accts
Trial Balance
Record the events and adjusting entries for Year in general journal form. Do not round intermediate calculations. If no entry is required for a transactionevent select No journal entry required" in the first account field.
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