Required information Skip to question [The following information applies to the questions displayed below.] Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $49,000 cash from the issue of common stock. Paid $13,400 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $100,000. Incurred operating expenses on account of $42,000. Collected $76,500 cash from accounts receivable. Paid $35,000 cash for salary expense. Paid $33,600 cash as a partial payment on accounts payable. Adjusting Entries Made the adjusting entry for the expired rent. (See Event 2.) Recorded $5,200 of accrued salaries at the end of Year 1. Events for Year 2 Paid $5,200 cash for the salaries accrued at the end of the prior accounting period. Performed services for cash of $49,000. Purchased $4,200 of supplies on account. Paid $14,700 cash in advance for rent. The payment was for one year beginning April 1, Year 2. Performed services for customers on account for $116,000. Incurred operating expenses on account of $55,500. Collected $103,000 cash from accounts receivable. Paid $53,000 cash as a partial payment on accounts payable. Paid $32,900 cash for salary expense. Paid a $11,000 cash dividend to stockholders. Adjusting Entries Made the adjusting entry for the expired rent. (Hint: Part of the rent was paid in Year 1.) Recorded supplies expense. A physical count showed that $600 of supplies were still on hand. g. Repeat parts a through f for Year 2.