Question

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, $46,400 d. April 30 Issue shares of common stock in exchange for $37,000 cash e. June 16 Purchase supplies on account, $13,500 f. July 7 Pay on accounts payable, $12,000 g. September 30 Pay salaries for employee work in the current year, $71,200 h. November 22 Pay advertising for the current year, $23,200 i. December 30 Pay $3,600 cash dividends to stockholders. j. Accrued interest on the notes payable at year-end amounted to $3,200. Accrued salaries at year-end amounted to $2,200. Supplies remaining on hand at the end of the year equal $3,000

Answer 1