[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 $55,000 cash from the issue of common stock. 2. Paid $14,000 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 $112,000. 4. Incurred operating expenses on account of $45,000. 5. Collected $85,500 cash from accounts receivable. 6. Paid $41,000 cash for salary expense. 7. Paid $36,000 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $6,400 of accrued salaries at the end of Year 1 . Events for Year 2 1. Paid $6,400 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $61,000. 3. Purchased $4,800 of supplies on account. 4. Paid $16,500 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $128,000. 6. Incurred operating expenses on account of $61,500. 7. Collected $109,000 cash from accounts receivable. 8. Paid $59,000 cash as a partial payment on accounts payable. 9. Paid $33,500 cash for salary expense. 10. Paid a $11,000 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 $450 of supplies were still on hand. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal. In the T-accounts, first enter e balances before closing (from Part b), then post the closing entries. (If no entry is required for a transaction/event, select "No urnal entry required" in the first account field.) Journal entry worksheet Record entry to close service revenue. Note: Enter debits before credits. \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Salaries Expense } \\ \hline Balance before closing & & & \\ \hline & & & \\ \hline & & & cl \\ \hline End. Bal. & & & \\ \hline \hline \end{tabular}