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 $47,000 cash from the issue of common stock. 2. Paid $13,200 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 $96,000. 4. Incurred operating expenses on account of $41,000. 5. Collected $73,500 cash from accounts receivable. 6. Paid $33,000 cash for salary expense. 7. Paid $32,800 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,800 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $4,800 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $45,000. 3. Purchased $4,000 of supplies on account 4. Paid $14,100 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $112,000. e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal and post to the T-accounts. (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