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Colton Enterprises experienced the following events for Year $1,$ the first year of operation:

Acquired $$49,000$ cash from the issue of common stock.

Paid $$13,400$ cash in advance for rent. The payment was for the period April $1,$ Year $1,$ to March $31,$ Year $2.$

Performed services for customers on account for $$100,000.$

Incurred operating expenses on account of $$42,000.$

Collected $$76,500$ cash from accounts receivable.

Paid $$35,000$ cash for salary expense.

Paid $$33,600$ cash as a partial payment on accounts payable.

Adjusting Entries

Made the adjusting entry for the expired rent. $($See Event $2.)$

Recorded $$5,200$ of accrued salaries at the end of Year $1.$

Events for Year $2$

Paid $$5,200$ cash for the salaries accrued at the end of the prior accounting period.

Performed services for cash of $$49,000.$

Purchased $$4,200$ of supplies on account.

Paid $$14,700$ cash in advance for rent. The payment was for one year beginning April $1,$ Year $2.$

Performed services for customers on account for $$116,000.$

Incurred operating expenses on account of $$55,500.$

Collected $$103,000$ cash from accounts receivable.

Paid $$53,000$ cash as a partial payment on accounts payable.

Paid $$32,900$ cash for salary expense.

Paid a $$11,000$ cash dividend to stockholders.

g$.$ Repeat parts a through ffor Year $2.$

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Journal

T Accounts Trial Balance

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Closing

Closing T

Post Closing

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Trial Balance

Record the events and adjusting entries for Year $2$ in general journal form. $($Do not round intermediate calculations. If no entry

is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$