[The following information applies to the questions displayed below) Colton Enterprises experienced the following events for Year 1 the frst year of operation 1. Acquired $56,000 cash from the issue of common stock 2. Pald $14,100 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 $114,000 4. Incurred operating expenses on account of $45,500. 5. Collected $87,000 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 Entrles 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 3 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. Pald $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 recelvable 8. Paid $60,000 cash as a partial payment on accounts payable. 9. Paid $33,600 cash for salary expense. 10. Pald 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. e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal and post no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 View transaction list Journal entry worksheet 2 Record entry to close service revenue. Note: Enter debits before credits. Credit Deblt General Journal Date Dec. 31 View general journal Clear entry Record entry Journal entry worksheet Record entry to close expenses. Note: Enter debits before credits. Credit General Journal Debit Date Dec. 31 View general journal Record entry Clear entry Beg. Bal. Beg. Bal. End. Bal End. Bal. Beg. Bal. Beg. Bal End. Bal End. Bal. ing Expens Rent Beg. Bal. Beg. Ba cl End. Bal End. Bal. Beg. Bal End. Bal