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 $37,000 cash from the Issue of common stock. 2. Pald $12,200 cash in advance for rent. The payment was for the perlod April 1, Year 1, to March 31, 3. Performed services for customers on account for $76,000. 4. Incurred operating expenses on account of $36,000. 5. Collected $58,500 cash from accounts recelvable. 6. Pald $23,000 cash for salary expense. 7. Paid $28,800 cash as a partial payment on accounts payable. Adjusting Entrles 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $2,800 of aecrued salarles at the end of Year 1. Events for Year 2 1. Pald $2,800 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $25,000. 3. Purchased $3,000 of supplies on account. 4. Pald $11,100 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $92,000. 6. Incurred operating expenses on account of $43,500. 7. Collected $91,000 cash from accounts recelvable. 8. Paid $41,000 cash as a partial payment on accounts payable. 9. Paid $31,700 cash for salary expense. 10. Paid a $11,000 cash dividend to stockholders. Adjusting Entries 11. Made the adjusting entry for the explred rent. (Hint. Part of the rent was pald in Year 1.) 12. Recorded supplies expense. A physical count showed that $550 of supplies were still on hand. c. Prepare a trial balance for Year 1