Required information The following information applies to the questionssplayed below Colton Enterprises experienced the following events for Yeart the first year of operation 1. Acquired $46.000 cash from the issue of common stock 2 Paid $13,100 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 $94,000 4. Incurred operating expenses on account of $40.500 5. Collected $72,000 cash from accounts receivable 6. Pald $32,000 cash for salary expense. 7. Paid $32.400 cash as a partial payment on accounts payable Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2) 9. Recorded $4,600 of accrued salaries at the end of Year 1 Events for Year 2 1. Pald $4,600 cash for the salaries accrued at the end of the prior accounting period 2 Performed services for cash of $43,000 3. Purchased $3.900 of supplies on account 4. Pald $13.800 cash in advance for rent. The payment was for one year beginning April Year 2 5. Performed services for customers on account for $110,000 6. Incurred operating expenses on account of $52500 7. Collected $100.000 cash from accounts receivable. 8. Paid $50.000 cash as a partial payment on accounts payable 9. Paid $32,600 cash for salary expense. 10. Paid a $14000 cash dividend to stockholders Adjusting Entries 11. Made the adjusting entry for the expired rent. (Hint Part of the tent was paid in Year 1) 12. Recorded supplies expense. A physical court showed that $450 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 of no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transactions Journal entry worksheet > Record entry to close service revenue. Secret General doomul Debit Crede Data Dec. 31 RAC Cranty V e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal and post to the T-accounts.( no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record entry to close expenses. Netw Enter debit before credits General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Cash Cash Accounts Receivable Beg, Bal Beg Bai. End Bal End. Bal Prepaid Rent Accounts Payable Beg Bal Beg Bai End. Bal. End Bai Salaries Payable Common Stock Beg Bal Beg Bal End. Bal. End Bal Retained Eamings Service Revenue Beg. Bal Beg Bal End. Bal. End Bal Operating Expenses Rent Expense Beg Bal Beg Bal End. Bal End. Bal Salaries Expense Beg Bal. End. Bal