Required information Problem 13-34A (Algo) Two complete accounting cycles LO 13-1, 13- 2, 13-3, 13-4 [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 $49,000 cash from the issue of common stock. 2. Paid $13,400 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 $100,000. 4. Incurred operating expenses on account of $42,000. 5. Collected $76,500 cash from accounts receivable. 6. Paid $35,000 cash for salary expense. 7. Paid $33,600 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $5,200 of accrued salaries at the end of Year 1. Requ Pivkiem 15-34A (Aigo) Party Part 7 of 7 g. Repeat parts a through ffor Year 2. 4.32 points Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Income Stmt Stmt of Changes Balance Sheet Stmt of Cash Flows Clos Ent eBook Prepare a balance sheet for Year 2. Ask Assets COLTON ENTERPRISES Balance Sheet As of December 31, Year 2 Events for Year 2 1. Paid $5,200 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $49,000. 3. Purchased $4,200 of supplies on account. 4. Paid $14,700 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $116,000. 6. Incurred operating expenses on account of $55,500. 7. Collected $103,000 cash from accounts receivable. 8. Paid $53,000 cash as a partial payment on accounts payable. 9. Paid $32,900 cash for salary expense. 10. Paid a $11,000 cash dividend to stockholders. Adjusting Entries 11. Made the adjusting entry for the expired rent. (Hint. Part of the rent was paid Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity $ 0 $ 0 0 Total liabilities and stockholders' equity $ 0 Stmt of Changes Stmt of Cash Flows