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 $55,000 cash from the issue of common stock. 2. Paid $14,000 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 $112,000. 4. Incurred operating expenses on account of $45,000. 5. Collected $85,500 cash from accounts receivable. 6. Paid $41,000 cash for salary expense. 7. Paid $36,000 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $6,400 of accrued salaries at the end of Year 1.