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 $56,000 cash from the issue of common stock 2. Paid $14,100 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 $114,000. 4. Incurred operating expenses on account of $45,500 5. Collected $87,000 cash from accounts receivable 6. Pald $42,000 cash for salary expense 7. Paid $36,400 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $6,600 of accrued salaries at the end of Year 1 Events for Year 2 1. Paid $6,600 cash for the salaries accrued at the end of the prior accounting period 2. Performed services for cash of $63,000. 3. Purchased $4,900 of supplies on account. 4. Paid $16,800 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $130,000. 6. Incurred operating expenses on account of $62,500. 7. Collected $110,000 cash from accounts receivable 8. Paid $60,000 cash as a partial payment on accounts payable 9. Paid $33,600 cash for salary expense. 10. Paid a $12,000 cash dividend to stockholders. 5. Collected $87,000 cash from accounts recelvable 6. Pald $42,000 cash for salary expense. 7. Paid $36,400 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $6,600 of accrued salaries at the end of Year 1 Events for Year 2 1. Paid $6,600 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $63,000. 3. Purchased $4,900 of supplies on account. 4. Paid $16,800 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $130,000 6. Incurred operating expenses on account of $62,500 7. Collected $110,000 cash from accounts receivabl. 8. Paid $60,000 cash as a partial payment on accounts payable. 9. Paid $33,600 cash for salary expense. 10. Paid a $12,000 cash dividend to stockholders. 2 Adjusting Entries 11. Made the adjusting entry for the expired rent. (Hint Part of the rent was paid in Year 1.) 12. Recorded supplies expense. A physical count showed that $500 of supplies were still on hand View transaction list Journal entry worksheet Record cash paid for salaries accrued at the end of the prior accounting period. Note: Enter debits before credits. Event General Journal Credit Debit View general journal Record entry Clear entry View transaction list Journal entry worksheet Record cash received for services performed. Note: Enter debits before credits. Credit Debit General Journal Event 2 View general journal Clear entry Record entry View transaction list Journal entry worksheet Record supplies purchase on account. Note: Enter debits before credits. Credit General Journal Debit 3 Record entry Clear entry View general journal Journal entry worksheet Record cash paid in advance for rent. Note: Enter debits before credits. Credit Debit General Journal Event 4 View general journal Clear entry entry 12 Journal entry worksheet Record services performed on account. Note: Enter debits before credits. Credit Debit General Journal Event View general journal Clear entry Record entry Journal entry worksheet Record operating expenses incurred on account. Note: Enter debits before credits. Credit Debit General Journal Ev 6 View general journal Clear entry Record entry View transaction list Journal entry worksheet Record entry for cash collected from accounts Receivable. Note: Enter debits before credits. Credit Debit General Journal Event View general journal Clear entry Record entry Journal entry worksheet Record cash paid for partial payment on accounts payable. Note: Enter debits before credits. Credit Debit General Journal View general journal Clear entry Record entry g. Repeat parts a through ffor Year 2. (Do not round intermedlate calculations. If no entry is requires "No journal entry required" In the first account field. Statement of Cash Flows only, Items to be dec negative amount.) View transaction list Journal entry worksheet E F G H I J Kl Record adjusting entry for supplies expenses. Event General Journal DebitCredit 12 H. Made the adjusting entry for the expired rent. (Hint: Part of the rent was paid in Year 1 12. Recorded supplies expense. A physical count showed that $500 of supplies were st g. Repeat parts a through ffor Year 2. (Do not round intermediate calculations. If no entry is "No journal entry required" in the first account fleld. Statement of Cash Flows only, Items t negative amount.) View transaction list Journal entry worksheet A E F G H I J K L Record adjusting entry for supplies expenses Note: Enter debits before credits Credit Debit General Journal Event
