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[The following information applies to the questions displayed below.]      The general ledger of Jackrabbit Rentals...

[The following information applies to the questions displayed below.]
    

The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:

Accounts Debits Credits
Cash $ 46,500
Accounts Receivable 30,700
Land 115,800
Accounts Payable 15,800
Notes Payable (due in 2 years) 35,000
Common Stock 105,000
Retained Earnings 37,200
Totals $ 193,000 $ 193,000

The following is a summary of the transactions for the year:

1. January 12 Provide services to customers on account, $67,400.
2. February 25 Provide services to customers for cash, $77,800.
3. March 19 Collect on accounts receivable, $46,200.
4. April 30 Issue shares of common stock in exchange for $35,000 cash.
5. June 16 Purchase supplies on account, $13,100.
6. July 7 Pay on accounts payable, $11,800.
7. September 30 Pay salaries for employee work in the current year, $69,200.
8. November 22 Pay advertising for the current year, $23,000.
9. December 30 Pay $3,400 cash dividends to stockholders.

The following information is available for the adjusting entries.

Accrued interest on the notes payable at year-end amounted to $3,000 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $2,000 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $2,800.

1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances.

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ReportAnswer #1

T-Accounts:

Debit

Amount $

Credit

Amount $

Cash

OB

46500

7-Jul

11800

25-Feb

77800

30-Sep

69200

19-Mar

46200

22-Nov

23000

30-Apr

35000

30-Dec

3400

CB

98100

Acc Receivable

OB

30700

19-Mar

46200

12-Jan

67400

CB

51900

Land

OB

115800

Acc Payable

7-Jul

11800

OB

15800

CB

17100

16-Jun

13100

Notes Payable

OB

35000

Common Stock

CB

140000

OB

105000

30-Apr

35000

Retained Earnings

OB

37200

Service Revenue

CB

145200

12-Jan

67400

25-Feb

77800

Supplies

16-Jun

13100

31-Dec

10300

CB

2800

Salaries exp.

30-Sep

69200

CB

71200

31-Dec

2000

Advertising exp.

22-Nov

23000

Dividend

30-Dec

3400

Interest exp.

31-Dec

3000

Interest Payable

31-Dec

3000

Salary Payable

31-Dec

2000

Supplies exp.

31-Dec

10300

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