Required Informatlon

Problem $13-34$A $($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:

Acquired $$47,000$ cash from the issue of common stock

Paid $$13,200$ 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 $$96\mathrm{.}000.$

Incurred operating expenses on account of $$41,000.$

Collected $$73,500$ cash from accounts receivable.

Paid $$33,000$ cash for salary expense.

Paid $$32\mathrm{.}800$ cash as a partial payment on accounts payable.

Ac$]$usting Entries

Made the adjusting entry for the expired rent. $($See Event $2)$

Recorded $$4,800$ of accrued salaries at the end of Year $1.$

Events for Year $2$

Paid $$4,800$ cash for the salaries accrued at the end of the prior accounting period.

Performed services for cash of $$45,000.$

Purchased $$4,000$ of supplies on account.

Paid $$14,100$ cash in advance for rent. The payment was for one year beginning April $1,$ Year $2$

Performed services for customers on account for $$112,000.$

Incurred operating expenses on account of $$53,500.$

Collected $$101,000$ cash from accounts receivable.

Paid $$51,000$ cash as a partial payment on accounts payable.

$.$ Paid $$32,700$ cash for salary expense.

Paid a $$15,000$ 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 $$500$ of supplies were still on hand.

Problem $13-34$A $($Algo$)$ Part f

f$.$ Prepare a post$-$ciosing trial balance for December $31,$ Year $1.$