Required information End. Bal. End. Bal. Salaries Payable Common Stock Beg. Bal. Beg. Bal. End. Bal. End. Bal. Service Revenue Beg. Bal. Beg. Bal. Retained Earnings 43,000 42,600 104,000 102,000 8,200 91,800 cl cl cl 104,000 104,000 End. Bal. End. Bal. Operating Expenses Rent Expense Beg. Bal. Beg. Bal. 15 ! Required information [The following information applies to the questions displayed below.] Part 6 of 7 Colton Enterprises experienced the following events for Year 1, the first year of operation: 6.25 points 1. Acquired $51,000 cash from the issue of common stock. 2. Paid $13,600 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 $104,000. 4. Incurred operating expenses on account of $43,000. 5. Collected $79,500 cash from accounts receivable. 6. Paid $37,000 cash for salary expense. 7. Paid $34,400 cash as a partial payment on accounts payable. eBook Print References Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $5,600 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $5,600 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $53,000. OneDrive Check my work 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 $700 of supplies were still on hand. e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal 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.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec. 31 104,000 Service revenue Retained earnings 104,000 2 Dec. 31 Retained earnings 95,800 Rent expense Salaries expense 10,200 42,600 43,000 Operating expenses Required information End. Bal. End. Bal. Salaries Payable Common Stock Beg. Bal. Beg. Bal. End. Bal. End. Bal. Service Revenue Beg. Bal. Beg. Bal. Retained Earnings 43,000 42,600 104,000 102,000 8,200 91,800 cl cl cl 104,000 104,000 End. Bal. End. Bal. Operating Expenses Rent Expense Beg. Bal. Beg. Bal. 15 ! Required information [The following information applies to the questions displayed below.] Part 6 of 7 Colton Enterprises experienced the following events for Year 1, the first year of operation: 6.25 points 1. Acquired $51,000 cash from the issue of common stock. 2. Paid $13,600 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 $104,000. 4. Incurred operating expenses on account of $43,000. 5. Collected $79,500 cash from accounts receivable. 6. Paid $37,000 cash for salary expense. 7. Paid $34,400 cash as a partial payment on accounts payable. eBook Print References Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $5,600 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $5,600 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $53,000. OneDrive Check my work 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 $700 of supplies were still on hand. e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal 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.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec. 31 104,000 Service revenue Retained earnings 104,000 2 Dec. 31 Retained earnings 95,800 Rent expense Salaries expense 10,200 42,600 43,000 Operating expenses