[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 $40,000 cash from the issue of common stock. 2. Paid $12,500 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 $82,000. 4. Incurred operating expenses on account of $37,500. 5. Collected $63,000 cash from accounts receivable. 6. Paid $26,000 cash for salary expense. 7. Paid $30,000 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $3,400 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $3,400 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $31,000. 3. Purchased $3,300 of supplies on account. 4. Paid $12,000 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $98,000. 6. Incurred operating expenses on account of $46,500. 7. Collected $94,000 cash from accounts receivable. 8. Paid $44,000 cash as a partial payment on accounts payable. 9. Paid $32,000 cash for salary expense. 10. Paid a $14,000 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 $700 of supplies were still on hand. g. Repeat parts a through ffor Year 2. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.)

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 $40,000 cash from the issue of common stock. 2. Paid $12,500 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 $82,000. 4. Incurred operating expenses on account of $37,500. 5. Collected $63,000 cash from accounts receivable. 6. Paid $26,000 cash for salary expense. 7. Paid $30,000 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $3,400 of accrued salaries at the end of Year 1 . Events for Year 2 1. Pad $3,400 cash for the salaries occrued at the end of the prior accounting period. 2. Performed services for cash of $31,000. 3. Purchased $3,300 of supplies on account. 4. Paid $12,000 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $98,000. 6. Incurred operating expenses on account of $46,500. 7. Collected $94,000 cash from accounts receivable. 8. Paid $44,000 cash as a partial poyment on accounts payable. 9. Paid $32,000 cash for salary expense. 10. Paid a $14,000 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 $700 of supplies were still on hand. 9. Repeat parts a through ffor Year 2. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.)