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.

2. Record each of the summary transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1

Date	Account Titles	Debit	Credit
12-Jan	Accounts Receivable	$        67,400
	Service Revenue		$        67,400
25-Feb	Cash	$        77,800
	Service Revenue		$        77,800
19-Mar	Cash	$        46,200
	Accounts Receivable		$        46,200
30-Apr	Cash	$        35,000
	Common Stock		$        35,000
16-Jun	Supplies	$        13,100
	Accounts Payable		$        13,100
7-Jul	Accounts Payable	$        11,800
	Cash		$        11,800
30-Sep	Salaries Expense	$        69,200
	Cash		$        69,200
22-Nov	Advertising Expense	$        23,000
	Cash		$        23,000
30-Dec	Retained Earnings / Dividend	$          3,400
	Cash		$          3,400
	Interest Expense	$          3,000
	Interest Payable		$          3,000
	Salaries Expense	$          2,000
	Salaries Payable		$          2,000
	Supplies Expense	$        10,300
	Supplies		$        10,300

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