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Post the Year 1 events to T-accounts

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 $51,000 cash from the issue of common stock. 2. Paid $13,600 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 $104,000. 4. Incurred operating expenses on account of $43,000. 5. Collected $79,500 cash from accounts receivable. 6. Paid $37,000 cash for salary expense. 7. Paid $34,400 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $5,600 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $5,600 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $53,000. 3. Purchased $4,400 of supplies on account. 4. Paid $15,300 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $120,000. 6. Incurred operating expenses on account of $57,500. 7. Collected $105,000 cash from accounts receivable. 8. Paid $55,000 cash as a partial payment on accounts payable. 9. Paid $33,100 cash for salary expense. 10. Paid a $13,000 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. b. Post the Year 1 events to T-accounts

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