Question
[The following information applies to the questions displayed below.] Colton Enterprises experienced the following events for 2016, the first year of operation: 1. Acquired $39,000
[The following information applies to the questions displayed below.] |
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Colton Enterprises experienced the following events for 2016, the first year of operation: |
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1. | Acquired $39,000 cash from the issue of common stock. |
2. | Paid $12,400 cash in advance for rent. The payment was for the period April 1, 2016, to March 31, 2017. |
3. | Performed services for customers on account for $80,000. |
4. | Incurred operating expenses on account of $37,000. |
5. | Collected $61,500 cash from accounts receivable. |
6. | Paid $25,000 cash for salary expense. |
7. | Paid $29,600 cash as a partial payment on accounts payable. |
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Adjusting Entries |
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8. | Made the adjusting entry for the expired rent. (See Event 2.) |
9. | Recorded $3,200 of accrued salaries at the end of 2016. |
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Events for 2017 |
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1. | Paid $3,200 cash for the salaries accrued at the end of the prior accounting period. |
2. | Performed services for cash of $29,000. |
3. | Purchased $3,200 of supplies on account. |
4. | Paid $11,700 cash in advance for rent. The payment was for one year beginning April 1, 2017. |
5. | Performed services for customers on account for $96,000. |
6. | Incurred operating expenses on account of $45,500. |
7. | Collected $93,000 cash from accounts receivable. |
8. | Paid $43,000 cash as a partial payment on accounts payable. |
9. | Paid $31,900 cash for salary expense. |
10. | Paid a $13,000 cash dividend to stockholders. |
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Adjusting Entries |
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11. | Made the adjusting entry for the expired rent. (Hint: Part of the rent was paid in 2016.) |
12. | Recorded supplies expense. A physical count showed that $650 of supplies were still on hand. |
Question: Record the entries to CLOSE the 2016 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.)
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