Requirea 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 $48,000 cash from the issue of common stock. 2. Paid $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. Paid $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 salaries at the end of Year 1. Events for Year 2 1. Paid $5,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $47,000. 3. Purchased $4,100 of supplies on account. 4. Paid $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. 8. Paid $52,000 cash as a partial payment on accounts payable. 9. Paid $32,800 cash for salary expense. 10. Paid a $10,000 cash dividend to stockholders. IN TUNTUTIE TUI Ten time pouse was for one year beginning Apri 1, rear 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. 8. Paid $52,000 cash as a partial payment on accounts payable. 9. Paid $32,800 cash for salary expense. 10. Paid 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. Beg Bal ences Cash Accounts Receivable Beg. Bal End. Bal End. Bal Prepaid Rent Accounts Payable + Beg Bal Beg Bal End Bal End. Bal 2 Required information Part 2 of 7 End Ba End. Bal Salaries Payable Common Stock 3.57 points Beg Bal Beg. Bal 01 End. Bal End. Bal Service Revenue Operating Expenses Beg Bal Beg Bal End. Bal References End. Bal Rent Expense Salaries Expense Beg Bal Beg Bal End Bal End Bal Check my work