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[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 $43,000 cash from the issue of common stock. 2. Paid $12,800 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 $88,000. 4. Incurred operating expenses on account of $39,000. 5. Collected $67,500 cash from accounts recelvable. 6. Paid $29,000 cash for salary expense. 7. Paid $31,200 cash as a partial payment on accounts payable. Adjusting Entries 8. Made the adjusting entry for the expired rent. (See Event 2.) 9. Recorded $4,000 of accrued salaries at the end of Year 1. Events for Year 2 1. Paid $4,000 cash for the salaries accrued at the end of the prior accounting period. 2. Performed services for cash of $37,000. 3. Purchased $3,600 of supplies on account. 4. Paid $12,900 cash in advance for rent. The payment was for one year beginning April 1, Year 2. 5. Performed services for customers on account for $104,000. 6. Incurred operating expenses on account of $49,500. 7. Collected $97,000 cash from accounts recelvable. 8. Paid $47,000 cash as a partial payment on accounts payable. 9. Paid $32,300 cash for salary expense. 10. Paid a $11,000 cash dividend to stockholders. Journal entry worksheet Record entry to close service revenue. Note: Enter debits before credits. Journal entry worksheet Record entry to close expenses. Note: Enter debits before credits

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