The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:
Accounts | Debits | Credits | |||||
Cash | $ | 51,500 | |||||
Accounts Receivable | 35,700 | ||||||
Land | 120,800 | ||||||
Accounts Payable | 16,300 | ||||||
Notes Payable (due in 2 years) | 40,000 | ||||||
Common Stock | 110,000 | ||||||
Retained Earnings | 41,700 | ||||||
Totals | $ | 208,000 | $ | 208,000 | |||
The following is a summary of the transactions for the year:
1. | January | 12 | Provide services to customers on account, $72,400. | |||
2. | February | 25 | Provide services to customers for cash, $80,300. | |||
3. | March | 19 | Collect on accounts receivable, $46,700. | |||
4. | April | 30 | Issue shares of common stock in exchange for $40,000 cash. | |||
5. | June | 16 | Purchase supplies on account, $14,100. | |||
6. | July | 7 | Pay on accounts payable, $12,300. | |||
7. | September | 30 | Pay salaries for employee work in the current year, $74,200. | |||
8. | November | 22 | Pay advertising for the current year, $23,500. | |||
9. | December | 30 | Pay $3,900 cash dividends to stockholders. |
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $3,500 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $2,500 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,300.
7. Prepare an adjusted trial balance.
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts...
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 51,500 Accounts Receivable 35,700 Land 120,800 Accounts Payable 16,300 Notes Payable (due in 2 years) 40,000 Common Stock 110,000 Retained Earnings 41,700 Totals $ 208,000 $ 208,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $72,400. 2. February 25 Provide services to customers for cash, $80,300. 3. March...
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 51,500 Accounts Receivable 35,700 Land 120,800 Accounts Payable 16,300 Notes Payable (due in 2 years) 40,000 Common Stock 110,000 Retained Earnings 41,700 Totals $ 208,000 $ 208,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $72,400. 2. February 25 Provide services to customers for cash, $80,300. 3. March...
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 51,500 Accounts Receivable 35,700 Land 120,800 Accounts Payable 16,300 Notes Payable (due in 2 years) 40,000 Common Stock 110,000 Retained Earnings 41,700 Totals $ 208,000 $ 208,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $72,400. 2. February 25 Provide services to customers for cash, $80,300. 3. March...
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 51,500 Accounts Receivable 35,700 Land 120,800 Accounts Payable 16,300 Notes Payable (due in 2 years) 40,000 Common Stock 110,000 Retained Earnings 41,700 Totals $ 208,000 $ 208,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $72,400. 2. February 25 Provide services to customers for cash, $80,300. 3. March...
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 $ 51,500 Accounts Receivable 35,700 Land 120,800 Accounts Payable 16,300 Notes Payable (due in 2 years) 40,000 Common Stock 110,000 Retained Earnings 41,700 Totals $ 208,000 $ 208,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $72,400. 2. February...
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...
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...
GL P3-9B The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 41,500 Accounts Receivable 25.700 Land 110.800 Accounts Payable $ 15,300 Notes Payable (due in 2 years) 30,000 Common Stock 100,000 Retained Earnings 32.700 Totals $178,000 $ 178,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $62,400. 2. February 25 Provide services to customers for cash, $75,300....
The general ledger of Jackrabbit Rentals at January 1, 2018, includes the following account balances: Debits $ 48,500 32,700 117,800 Credits Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable Common Stock Retained Earnings $ 16,000 37,000 107,000 39,000 Totals $199,000 $199,000 The following is a summary of the transactions for the year: a. January 12 Provide services to customers on account, $69,400 b. February 25 Provide services to customers for cash, $78,800 C. March 19 Collect on accounts receivable,...
[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...