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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 $ 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. r

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Answer #1

Solution to your question is as follows:

It has been assumed that the entity has no any Opening stock .For adjusting entries, entries are posted in profit and loss account as provision for expenses account since the expenses pertains to current year on accrual basis.

Cash Account
Particulars $ Particulars $
Opening balance      46,500.00 Purchase( 16 june)      13,100.00
Received from customers(25 feb)      77,800.00 Account payables      11,800.00
Received from customers( Mar 19)      46,200.00 Salaries payment      69,200.00
Common stock issue      35,000.00 Advertisment(22 Nov)      23,000.00
Dividend(30 December)        3,400.00
Balance carried forward(Closing balance)      85,000.00
   205,500.00    205,500.00
Account recievables Account
Particulars $ Particulars $
Opening balance      30,700.00 Cash      77,800.00
Supply of services(Sale)(jan 12 & 25 Feb)    145,200.00 cash(Mar 19)      46,200.00
Balance carried forward(Closing balance)      51,900.00
   175,900.00    124,000.00
Land Account
Particulars $ Particulars $
Opening balance    115,800.00 Balance carried forward(Closing balance)    115,800.00
   115,800.00    115,800.00
Account payables Account
Particulars $ Particulars $
Cash(7 july)      11,800.00 Opening balance      15,800.00
Balance carried forward(Closing balance)        4,000.00
     15,800.00      15,800.00
Notes payables Account
Particulars $ Particulars $
Opening balance      35,000.00
Balance carried forward(Closing balance)      38,000.00 Accrued interest        3,000.00
     38,000.00      38,000.00
Common Stock Account
Particulars $ Particulars $
Opening balance    105,000.00
Balance carried forward(Closing balance)    140,000.00 Fresh issue( 30 Apr)      35,000.00
   140,000.00    140,000.00
Retained Earning Account
Particulars $ Particulars $
Opening balance    105,000.00
Balance carried forward(Closing balance)    139,300.00 From Profit and loss Account      34,300.00
   139,300.00    139,300.00
Profit & loss Account
Particulars $ Particulars $
Opening stock 0 Sale    145,200.00
purchase      13,100.00
Salaries(30 Sep)      69,200.00 Closing Stock        2,800.00
Advertisment(22 Nov) 23000
Dividend        3,400.00
Provision for expenses        5,000.00
Profit      34,300.00
   148,000.00    148,000.00
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