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(Solved): Required Information [The Following Information Applies To The Questions Displayed Below.) The Gener...
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 $ 53,500 37,789 122,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 16,500 42,000 112,800 43,500 $214, $ 214,200 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $74,480. 2. February 25 Provide services to customers for cash, $81,300. 3. March 19 Collect on accounts receivable, $46,900. 4. April 30 Issue shares of common stock in exchange for $42,000 cash. 5. June 16 Purchase supplies on account, $14,500. 6. July 7 Pay on accounts payable, $12,580. 7. September 30 Pay salaries for employee work in the current year, $76,288. 8. November 22 Pay advertising for the current year, $23,780. 9. December 30 Pay $4,180 cash dividends to stockholders. The following Information is available for the adjusting entries. Accrued Interest on the notes payable at year-end amounted to $3,700 and will be pald January 1, 2022. Accrued salarles at year-end amounted to $2,700 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,500. 1.3.6. & 10. Post the transactions, adjusting entries and closing entries to the accounts. Be sure to include beginning Beg Bal 81300 End Bel The B 122. End. Bol Beg Bal 16.00 14.500 31,000 End. Bal Beg Bal HHH Bog Bal 112.000 42. old 154,000 Dividengs Beg Bel End Bal Agen BB Ende
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