(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 $56.000 cash from the issue of common stock. 2. Paid $14.100 cash in advance for rent. The payment was for the period Apil 1, Year 1, to March 31, Year 3. Performed services for customers on account for $114,000. 4. Incurred operating expenses on account of $45,500 5. Collected $87000 cash from accounts receivable. 6. Paid $42,000 cash for salary expense. 7. Paid $36,400 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $6,600 of accrued salaries at the end of Year 1 Events for Year 2 1. Paid $6,600 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $63,000 3. Purchased $4,900 of supplies on account. 4. Paid $16.800 cash in advance for rent. The payment was for one year beginning April 1, Year 2 5. Performed services for customers on account for $130,000 6. Incurred operating expenses on account of $62,500 7. Collected $110,000 cash from accounts receivable 8. Paid $60,000 cash as a partial payment on accounts payable. 9. Paid $33,600 cash for salary expense. 10. Paid a $12,000 cash dividend to stockholders. Pald $36,400 cash as a partial payment on accounts payable . Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $6,600 of accrued salaries at the end of Year 1 Events for Year 2 1. Paid $6,600 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $63,000. 3. Purchased $4,900 of supplies on account. 4. Paid $16,800 cash in advance for rent. The payment was for one year beginning April 1, Year 2 5. Performed services for customers on account for $130,000. 6. Incurred operating expenses on account of $62,500. 7. Collected $110,000 cash from accounts receivable. 8. Paid $60,000 cash as a partial payment on accounts payable. 9. Paid $33,600 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 $500 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 "No journal entry required" in the first account field. Statement of Cash Flows only, items to be deducted must be in negative amount.) Beg. Bal. Beg. Bal. End. Bal End. Bal. Rent Beg. Bal. Beg. Bal End. Bal. End. Bal Beg. Bal. End. Bal. End. Bal. Co Beg. Bal Beg. Bal. St Beg. Bal. End. Bal 56 Beg. Bal Beg. Bal Beg. Bal End. Bal Beg. Bal Beg. Bal Bal End. Bal.- Beg. Bal Beg. Bal 4 End. Bal End. Bal COLTON ENTERPRISES Year COLTON ENTERPRISES Income Statement For the Year Ended December 31, Year 2 Expenses Total expenses COLTON ENTERPRISES COLTON ENTERPRISES Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Total stockholders' equity COLTON ENTERPRISES Balance Sheet COLTON ENTERPRISES Balance Sheet 31, Year 2 As of Total Total liabilities