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

Answer 1

All the T Accounts are correct, only mistake that you were doing was entering adjusted balance in the unadjusted trial balance, i have edited the unadjusted trial balance, it will have all the balances prior to making any adjustment entry effect.

uwer is not complete. Credit JACKRABBIT RENTALS Unadjusted Trial Balance December 31, 2021 Accounts Debit Cash $ 98,100 Accounts Receivable 51,900 Supplies 13100 Land 115,800 Accounts Payable 17,100 35,000 140,000 37200 Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense 3400 145,200 69200 23,000 Total $ 374500$ 374500

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