Required information Problem 13-34A (Algo) Two complete accounting cycles LO 13-1, 13-2, 13-3, 13-4 [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 $49,000 cash from the issue of common stock. 2. Paid $13,400 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 $100,000. 4. Incurred operating expenses on account of $42,000. 5. Collected $76,500 cash from accounts receivable. 6. Paid $35,000 cash for salary expense. 7. Paid $33,600 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $5,200 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $5,200 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $49,000. 3. Purchased $4,200 of supplies on account. 4. Paid $14,700 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $116,000. 6. Incurred operating expenses on account of $55,500. 7. Collected $103,000 cash from accounts receivable. 8. Paid $53,000 cash as a partial payment on accounts payable. 9. Paid $32,900 cash for salary expense. 10. Paid a $11,000 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 $600 of supplies were still on hand.