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Required Information {The following formation applies to the questions displayed below! Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $48.000 cash from the issue of common stock 2. Pald $13,300 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 $98,000 4. Incurred operating expenses on account of $41,500. 5. Collected $75,000 cash from accounts receivable 6. Paid $34,000 cash for salary expense 7. Pald $33,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2) 9. Recorded $5,000 of accrued salartes at the end of Year 1. ce Events for Year 2 1. Pald $5,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash or $47.000 3. Purchased $4.100 of supplies on account. 4. Pald $14.400 cash in advance for rent. The payment was for one year beginning April 1, Year 2 5. Performed services for customers on account for $114,000 6. Incurred operating expenses on account of $54,500 7. Collected $102,000 cash from accounts receivable 3. Paid $52.000 cash as a partial payment on accounts payable. 9. Paid $32.800 cash for salary expense 10. Pald a $10,000 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 b. Post the Year 1 events to T-accounts Announts Receivable Prey 10 13 of 13 !!! Next > G Type here to search Chapter Three Homework 11 Required information Part Deneral Journal Credit 10 Dec 31 TO CS Reco Beg Beg Bal End. Bal Endal End. But End Bal Salaries Payable Con stock Beg Bal End Bal End Bal Bego Beg Bal End Bal Endal Beg B Beg B End. EN o Type here to search m