Record the entries to close year 1 temporary accounts to retained earnings in the general journal and post to the T-accounts.

Required information [The following information applies to the questions displayed below.] Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $44,000 cash from the issue of common stock. 2. Paid \$12,900 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 $90,000. 4. Incurred operating expenses on account of $39,500. 5. Collected $69,000 cash from accounts receivable. 6. Paid $30,000 cash for salary expense. 7. Paid $31,600 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,200 of accrued salaries at the end of Year 1. Events for Year 2 14. Kecoraed suppues expense. A pnysical count snowed tnat sasu or suppies were suar on nana. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journat and post to the. T-accounts. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)