Question

Required information The following information applies to the questions displayed below) The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Credits Debits $ 52,500 36,700 121.800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Barnings Totals 16,400 41,000 111,000 42,600 $ 211,000 $211,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $73,400. 2. February 25 Provide services to customers for cash, $80,800. 3. March 19 Collect on accounts receivable, $46,800. 6. April 30 Issue shares of common stock in exchange for $41,000 cash. 5. June 16 Purchase supplies on account, $14,300. 6. July 7 Pay on accounts payable, $12,400. 7. September 30 Pay salaries for employee work in the current year, $75,200. 8. November 22 Pay advertising for the current year, $23,600. 9. December 30 Pay $4,000 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,600 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $2,600 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,400. 1.3.6. & 10. Post the transactions, adiusting entries and closing entries to the T-accounts. Be sure to include beginning balances Prex 1 2 3 ... 8 of 8 !!! Next >

Answer 1

Cash					Accounts Receivable
Beg Bal	$          52,500.00				Beg Bal	$          36,700.00
Feb-25	$          80,800.00	$       12,400.00	Jul-07		Jan-12	$          73,400.00	$        46,800.00	Mar-19
Mar-19	$          46,800.00	$       75,200.00	Sep-30
Apr-30	$          41,000.00	$       23,600.00	Nov-22
		$         4,000.00	Dec-30
End Bal	$        105,900.00
					End Bal	$          63,300.00
Supplies					Land
Beg Bal					Beg Bal	$        121,800.00
Jun-16	$          14,300.00	$       10,900.00	Dec-31
End Bal	$            3,400.00				End Bal	$        121,800.00
Accounts Payable					Salaries Payable
		$       16,400.00	Beg Bal					Beg Bal
Jul-07	$          12,400.00	$       14,300.00	Jun-16				$           2,600.00	Dec-31
		$       18,300.00	End Bal				$           2,600.00	End Bal
Interest Payable					Notes Payable
			Beg Bal				$        41,000.00	Beg Bal
		$         3,600.00	Dec-31
		$         3,600.00	End Bal				$        41,000.00	End Bal
Common Stock					Retained Earnings
		$     111,000.00	Beg Bal				$        42,600.00	Beg Bal
		$       41,000.00	Apr-30		Dec-31	$            4,000.00	$        38,300.00	Dec-31
		$     152,000.00	End Bal				$        76,900.00	End Bal
Dividend					Service Revenue
Beg Bal								Beg Bal
Dec-30	$            4,000.00	$         4,000.00	Dec-31		Dec-31	$        154,200.00	$        73,400.00	Jan-12
							$        80,800.00	Feb-25
End Bal	$                         -						$                        -	End Bal
Salaries Expense					Advertising Expense
Beg Bal					Beg Bal
Sep-30	$          75,200.00	77800	Dec-31		Nov-22	$          23,600.00	$        23,600.00	Dec-31
Dec-31	$            2,600.00
End Bal	$                         -				End Bal	$                         -
Interest Expense					Supplies Expense
Beg Bal					Beg Bal
Dec-31	$            3,600.00	$         3,600.00	Dec-31		Dec-31	$          10,900.00	$        10,900.00	Dec-31
End Bal	$                         -				End Bal	$                         -
Income Summary
Beg Bal
Dec-31	77800	$     154,200.00	Dec-31
Dec-31	$          23,600.00
Dec-31	$            3,600.00
Dec-31	$          10,900.00
Dec-31	$          38,300.00
End Bal	$                         -