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Required Informetlon 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 $53,000 cash from the Issue of common stock. 2. Pald $13,800 cash In advance for rent The payment was for the perlod April 1, Year 1, to March 31, Year 2. 3. Performed services for customers on account for $108,000 4. Incurred operating expenses on account of $44,000. 5. Collected $82,500 cash from accounts recelvable 6. Pald $39,000 cash for salary expense 7. Pald $35,200 cash as a partlial payment on accounts payable Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2) 9. Recorded $6,000 of accrued salarles at the end of Year 1 Events for Year 2 1. Pald $6,000 cash for the salarles accrued at the end of the prior accounting perlod. 2. Performed services for cash of $57,000. 3. Purchased $4,600 of supplles on account. 4. Pald $15,900 cash In advance for rent. The payment was for one year beginning Aprll 1, Year 2. 5. Performed services for customers on account for $124,000 6. Incurred operating expenses on account of $59,500. 7. Collected $107,000 cash from accounts recelvable 8. Pald $57,000 cash as a partial payment on accounts payable 9. Pald $33,300 cash for salary expense 10. Pald a $15,000 cash dividend to stockholders. Adjusting Entrles 11. Made the adjusting entry for the explred rent. (Hint Part of the rent was pald In Year 1.,) 12 Recorded supplles expense. A physical count showed that $800 of supplies were still on hand. Required a. Record the events and adjusting entrles for Year 1 In general journal form. (Do not round Intermediate calculations. If no entry ls required for a transaction event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet Record issuance of common stock. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general jourmal Requirce a. Record the events and adjusting entrles for Year 1 In general journal form. (Do not round Intermediate calculations. If no entry Is required for e transactlon/event, select "No Journal entry required" In the first account field.) View transaction list Journal entry worksheet Record cash paid in advance for Rent. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general jourmal a. Record the events and adjusting entries for Year 1 in general journal form. (Do not round Intermedlete calculatlons. If no entry Is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet Record services performed on account. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal a. Record the events and adjusting entrles for Year 1 In general journal form. (Do not round Intermediate calculations. If no entry Is required for a transection/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet Record operating expenses incurred on account. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal a. Record the events and adjusting entries for Year 1 in general journal form. (Do not round Intermediate calculations. If no entrys required for a transaction/event, select"No journal entry required In the first account field.) View transaction list Journal entry worksheet Record cash paid for salary expenses Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal Required a. Record the events and adjusting entries for Year 1 In general Journal form. (Do not round Intermedlate calculations. If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) View transaction list Journal entry worksheet Record cash paid for partial payment on accounts payable. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general jourmal a. Record the events and adjusting entries for Year 1 In general journal form. (Do not round Intermediate calculatlons. If no entry Is required for a transectlon/event, select "No Journal entry required" In the first account field.) View transaction list Journal entry worksheet Record adjusting entry for expired rent. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general jourmal a. Record the events and adjusting entries for Year 1 In general Journal form. (Do not round Intermedlate calculatlons. If no entry ls required for a transaction event, select "No Journal entry required" In the first account field.) View transaction list Journal entry worksheet Record adjusting entry for accrued salaries at end of Year 1 Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general jourmal

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