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 $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. Accounting Conve 357 Grae 1 Adjusting Entries 11. Made the adjusting entry for the expired rent this Part of the rent was paid Year 12. Recorded supres experne. A physical count showed that $550 of supples were Required Recent the events and austing is for Year 1 in general journal for (Do not round intermediate calculations no entry is required for a transaction/event, select "No journal entry required" in the first account) Journal entry worksheet G Every C 1 Prev 77 Next > Book 0 erences Ted for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A C D E F G H Record cash paid in advance for rent. Note: Enter debits before credits Event 2 General Journal Debit Credit Prev 1 2 wg 7 of 7 Next > View transaction list Journal entry worksheet < A B C D E F G H Record services performed on account. Note: Enter debits before credits. Event 3 General Journal Debit Credit 9 www. View transaction list Journal entry worksheet < A B C D E F G H > Record operating expenses incurred on account. Note: Enter debits before credits. Event General Journal Debit Credit Required a. Record the events and adjusting entries for Year 1 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.) View transaction list Journal entry worksheet < B C D F G H Record entry for cash collected from accounts receivable. Note: Enter debits before credits Event 5 General Journal Debit Credit required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < B C D E Record cash paid for salary expenses. Note: Enter debits before credits. Event 6 D G H General Journal Debit Credit Pray 8 7 View transaction list Journal entry worksheet < A B C D E 60 Record cash paid for partial payment on accounts payable. Note: Enter debits before credits. Event 7 H General Journal Debit Credit Prev 1 2 3 7 of 7 Next > View transaction list Journal entry worksheet entry required" in the first account field.) < A B C D E F G Record adjusting entry for expired rent. Note: Enter debits before credits. Event 8 I General Journal Debit Credit ook ances View transaction list Journal entry worksheet < A B C D E F G H Record adjusting entry for accrued salaries at end of Year 1. Note: Enter debits before credits. Event 9 General Journal Debit Credit Pray Next