The following information applies to the questions displayed below. The general
ID: 2332506 • Letter: T
Question
The following information applies to the questions displayed below. The general ledger of Jackrabbit Rentals at January 1, 2018, includes the following account balances: Debits Credits Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable Common Stock Retained Earnings $51,500 35,700 120,800 $16,300 40,000 110,000 41700 Totals $208,000 $208,000 The following is a summary of the transactions for the year: a. January 12 Provide services to customers on account, $72,400. b. February 25 Provide services to customers for cash, $80,300. c. March 19 Collect on accounts receivable, $46,700. d. April 30 Issue shares of common stock in exchange for $40,000 cash. e. June 16 Purchase supplies on account, $14,100. f. July 7 Pay on accounts payable, $12,300 g. September 30 Pay salaries for employee work in the current year, $74,200. h. November 22 Pay advertising for the current year, $23,500. i. December 30 Pay $3,900 cash dividends to stockholders. j. Accrued interest on the notes payable at year-end amounted to $3,500. Accrued salaries at year-end amounted to $2,500. Supplies remaining on hand at the end of the year equal $3,300.Explanation / Answer
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Closing Entry
Unadjusted Trial Balance DR CR Cash 104600 Account Receivable 61400 Supplies 14100 Land 120800 Account Payable 18100 Salaries Payable Interest Payable Note Payable 40000 Common Stock 150000 Retained Earnings 41700 Dividends 3900 Service revenue 152700 Salaries Expense 74200 Advertising Expense 23500 Interest Expense Supplies Expense 402500 402500Related Questions
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