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 $42.000 cash from the issue of common stock. 2 Poid $12.700 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 $86.000. 4. Incurred operating expenses on account of $38,500. 5. Collected $66,000 cash from accounts receivable. 6. Paid $28,000 cash for salary expense. 7. Paid $30.800 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2) 9. Recorded $3.800 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $3.800 cash for the salaries accrued at the end of the prior accounting period. 2 Performed services for cash of $35.000. 3. Purchased $3.500 of supplies on account. 4. Peid $12,600 cash in advance for rent. The payment was for one year beginning April 1. Year 2 5. Performed services for customers on account for $102,000. 6. Incurred operating expenses on account of $48,500. 7. Collected $96,000 cash from accounts receivable. 8. Paid $46.000 cash as a partial payment on accounts payable. 9. Paid $32,200 cash for salary expense. 10. Paid a $10.000 cash dividend to stockholders. Adjusting Entries 11. Made the adjusting entry for the expired rent. (Hint: Port of the rent was paid in Year 1.) 12. Recorded supplies expense. A physical count showed that $800 of supplies were still on hand. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal and post to the T-accounts. (If o entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction let Journal entry worksheet Record entry to close service revenue. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 31 Record entry Clear entry View general Journal 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 $42.000 cash from the issue of common stock. 2 Poid $12.700 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 $86,000. 4. Incurred operating expenses on account of $38.500. 5. Collected $66,000 cash from accounts receivable. 6. Paid $28,000 cash for salary expense. 7. Paid $30,800 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2) 9. Recorded $3,800 of accrued salaries at the end of Year 1. Events for Year 2 1. Poid $3,800 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $35.000. 3. Purchased $3.500 of supplies on account. 4. Peid $12.600 cash in advance for rent. The payment was for one year beginning April 1. Year 2 5. Performed services for customers on account for $102,000. 6. Incurred operating expenses on account of $48,500. 7. Collected $96,000 cash from accounts receivable. 8. Paid $46,000 cash as a partial payment on accounts payable. 9. Paid $32,200 cash for salary expense. 10. Paid a $10,000 cash dividend to stockholders. Adjusting Entries 11. Mede the adjusting entry for the expired rent. (Hint Port of the rent was paid in Year 1.) 12. Recorded supplies expense. A physical count showed that $800 of supplies were still on hand. 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 2 Record entry to close expenses. Note: Enter debits before credits. Date Debit Credit Dec 31 General Journal Retained eamings Operating expenses Rent expense Salaries expense Record entry Clear entry View general journal