[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.
1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances.
T-Accounts: |
|||
Debit |
Amount $ |
Credit |
Amount $ |
Cash |
|||
OB |
46500 |
7-Jul |
11800 |
25-Feb |
77800 |
30-Sep |
69200 |
19-Mar |
46200 |
22-Nov |
23000 |
30-Apr |
35000 |
30-Dec |
3400 |
CB |
98100 |
||
Acc Receivable |
|||
OB |
30700 |
19-Mar |
46200 |
12-Jan |
67400 |
CB |
51900 |
Land |
|||
OB |
115800 |
||
Acc Payable |
|||
7-Jul |
11800 |
OB |
15800 |
CB |
17100 |
16-Jun |
13100 |
Notes Payable |
|||
OB |
35000 |
||
Common Stock |
|||
CB |
140000 |
OB |
105000 |
30-Apr |
35000 |
||
Retained Earnings |
|||
OB |
37200 |
||
Service Revenue |
|||
CB |
145200 |
12-Jan |
67400 |
25-Feb |
77800 |
||
Supplies |
|||
16-Jun |
13100 |
31-Dec |
10300 |
CB |
2800 |
||
Salaries exp. |
|||
30-Sep |
69200 |
CB |
71200 |
31-Dec |
2000 |
||
Advertising exp. |
|||
22-Nov |
23000 |
||
Dividend |
|||
30-Dec |
3400 |
||
Interest exp. |
|||
31-Dec |
3000 |
||
Interest Payable |
|||
31-Dec |
3000 |
||
Salary Payable |
|||
31-Dec |
2000 |
||
Supplies exp. |
|||
31-Dec |
10300 |
[The following information applies to the questions displayed below.] The general ledger of Jackrabbit Rentals...
[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...
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 $300 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....
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....
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....
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....
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: Credits Debits $ 46,500 30,700 115,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 15,800 35,000 105,000 37,200 $ 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....
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....
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....
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....
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....