Seved 1 Part 1 of 7 4.28 points eBook Print References Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $44,000 cash from the issue of common stock. 2. Paid $12,900 dash 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 $90,000. 4. Incurred operating expenses on account of $39,500. 5. Collected $69,000 cash from accounts receivable. 6. Paid $30,000 cash for salary expense. 7. Paid $31,600 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,200 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $4,200 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $39,000. 3. Purchased $3,700 of supplies on account. 4. Paid $13,200 cash in advance for rent. The payment was for one year beginning April 1, Year 2 5. Performed services for customers on account for $106,000. 6. Incurred operating expenses on account of $50,500. 7. Collected $98,000 cash from accounts receivable. 8. Paid $48,000 cash as a partial payment on accounts payable. 9. Paid $32,400 cash for salary expense. 10. Paid a $12.000 cash dividend to stockholders. Her 1 Part 1 of 7 o. rau 240, Last as a paruar payment on aLLOums payou 9. Paid $32,400 cash for salary expense. 10. Paid a $12,000 cash dividend to stockholders. 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 $350 of supplies were still on hand. 1.28 points eBook Print References Required a. Record the events and adjusting entries for Year 1 in general journal form. (Do not round intermediate calculations. 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 A B C D E F Record issuance of common stock. Note: Enter debits before credits. 1 Required information Part 1 of 7 Journal entry worksheet B C D E F G H 4.28 points Record issuance of common stock. eBook Print Note: Enter debits before credits. References Event General Journal Debit Credit Record entry Clear entry View general journal Required information Journal entry worksheet < B C D E F G H > Record cash paid in advance for rent. Note: Enter debits before credits. Event 2 General Journal Debit Credit Clear entry Record entry Prev 1 2 View general journal 8m 3 7 Next > Required Information Journal entry worksheet < A B DE F G H > Record services performed on account. Note: Enter debits before credits. ces Event 3 General Journal Debit Credit Record entry Clear entry View general Journal Required information Journal entry worksheet < A B E F G H > Record operating expenses incurred on account. Note: Enter debits before credits. Event General Journal Debit Credit View general journal Record entry Clear entry Required information Journal entry worksheet < A B C D w F GHI > Record entry for cash collected from accounts receivable. Note: Enter debits before credits. Event 5. General Journal Debit Credit Record entry Clear entry View general journal ces Required information Journal entry worksheet B C D Record cash paid for salary expenses. Note: Enter debits before credits. Event 6 E D G H General Journal Debit Credit View general journal Record entry Clear entry Required information Journal entry worksheet < A B DE F Record cash paid for partial payment on accounts payable. Note: Enter debits before credits. Event 7 H General Journali Debit Credit Record entry Clear entry View general journal Required Information Journal entry worksheet < B C D E F Record adjusting entry for expired rent. G H 1 Note: Enter debits before credits. Event 8 General Journal Debit Credit Record entry Clear entry View general journal Required Information Journal entry worksheet < B C D E F G Record adjusting entry for accrued salaries at end of Year 1. Note: Enter debits before credits. Event 9 H General Journal Debit Credit Record entry Clear entry View general journal