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: 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 Total 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. 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 dividendo 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.

Answer 1

Jackrabbit Relatals Adjusted Trial Balance Becember 31,2021 Gredit Debit 98,100 51,900 2800 115,800 Accounts Cash Accounts Receivables Supplies Land Accounts Payables Salones Payable Trilerest Paylable Notes Payable Common stock Retewned earning Dividende Service Revenuel Salaries Expense Ad velising Expence Interest Expense Supplies Expense 17100 2000 3.000 33 no 1,40, no 37,200 3.400 us200 71,200 23, co 3imo 10,300 Total 379şoo 379500

© Watting Notes 22.01.2021 Acounts Received or To Service Renonuo 67,400 67,400 25.02.6 2021 Cash alc Dr. To service Revenue 77,800 77,800 19. nach 2021 202 Cash alk to Accain's Receivable U61200 46,200 30. April 2021 Cash alc To common stock 3sovo 35100 Du . i la June 2012 Suplief purchase alc To Accounts Payable 7 July 2021 Acounts Payable 13,100 13100 рн : lifoo To Cash Ilisco 30 feb202 Salary Expen Dr. 69.200 64,200 To Cash 22 Nov 202) Advertising To Cash Dr. 23. ovo 23.02 30 dec 2021 Dr. Dividend To cash 3.400 3,40

(2 46,500 (+) Cash al opening (+) Inansuction during the year Jan Servid Revenue 77,800 ma Account Receivable U6 200 Apu Common stock 35,000 - Playments Juli Sep Nov. Accounts Payable Advertising Salary 11.800 69,20 23000 3400 Dec. Dividend 9810o Accounts Recivable opening () Service Reuny A coun 30, 700 67,400 46,200, 319000 ♡ Supplies = 2800 Land - 115800 6 Salaies Payable = 20000

P Interest Payable 30vo S Noles Payable 35our 9 common stock lo sovo + 3 sovo = 1,4o, an 10 Retained Earning 37200 ul Dividend = 3400 2 service Revenue = 67400777800 = 145200 15 © Salaries Expenses = 69200 + 2000 = 71,200 Tu adrecibising Exp 23010 Interest Exp 3ovo @ Supplies Experts MIL opening Purchares 13100 Closing ( 2800) 10 Bov Account Payable opening (+) Purchard 7 Paid Is 800 13100 11,8 co 77100