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How do I complete an unadjusted trial balance? The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Accounts Debits
How do I complete an unadjusted trial balance?
The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances:
Accounts | Debits | Credits |
---|---|---|
Cash | $41,500 | |
Accounts Receivable | 25,700 | |
Land | 110,800 | |
Accounts Payable | $15,300 | |
Notes Payable (due in 2 years) | 30,000 | |
Common Stock | 100,000 | |
Retained Earnings | 32,700 | |
Totals | $178,000 | $178,000 |
The following is a summary of the transactions for the year:
1. January 12 | Provide services to customers on account, $62,400. |
---|---|
2. February 25 | Provide services to customers for cash, $75,300. |
3. March 19 | Collect on accounts receivable, $45,700. |
4. April 30 | Issue shares of common stock in exchange for $30,000 cash. |
5. June 16 | Purchase supplies on account, $12,100. |
6. July 7 | Pay on accounts payable, $11,300. |
7. September 30 | Pay salaries for employee work in the current year, $64,200. |
8. November 22 | Pay advertising for the current year, $22,500. |
9. December 30 | Pay $2,900 cash dividends to stockholders. |
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $2,500 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $1,500 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $2,300.
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