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: 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. 4. Prepare an unadjusted trial balance.

Answer 1

Unadjusted Trial Balance
Account Title	Dr.	Cr.
Cash	$        98,100
Accounts Receivable	$        51,900
Supplies	$        13,100
Land	$      115,800
Accounts Payable		$        17,100
Notes Payable		$        35,000
Common Stock		$      140,000
Retained Earnings		$        37,200
Dividend	$          3,400
Service Revenue		$      145,200
Salaries Expense	$        69,200
Advertising Expense	$        23,000
Totals	$     374,500	$     374,500

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