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 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. 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

Answer: T-Accounts

CASH
Beg. bal	46,500	11,800	6
2	77,800	69,200	7
3	46,200	23,000	8
4	35,000	3,400	9
End. bal.	98,100

ACCOUNTS RECEIVABLE
Beg. bal.	30,700	46,200	3
1	67,400
End. bal.	51,900

ACCOUNTS PAYABLE
6	11,800	15,800	Beg. bal
		13,100	5
		17,100	End. bal.

SUPPLIES
5	13,100	10,300	12
End. bal.	2,800

SERVICE REVENUE
		67,400	1
		77,800	2
		145,200	End. bal.

COMMON STOCK
		105,000	Beg. bal.
		35,000	4
		140,000	End. bal.

SALARIES EXPENSE
7	69,200
11	2,000
End. bal.	71,200

SALARIES PAYABLE
		2,000	11
		2,000	End. bal.

LAND
Beg. bal.	115,800
End. bal.	115,800

INTEREST PAYABLE
		3,000	10
		3,000	End. bal.

NOTES PAYABLE
		35,000	Beg. bal
		35,000	End. bal.

DIVIDENDS
		3,400	9
		3,400	End. bal

RETAINED EARNINGS
Dividends	3,400	37,200	Beg. bal.
		33,800	End. bal.

ADVERTISING EXPENSE
8	23,000
End. bal.	23,000

INTEREST EXPENSE
		3,000	10
		3,000	End. bal.

SUPPLIES EXPENSE
12	10,300
End. bal.	10,300

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