Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

of 8 Problem 3-9B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.]

image text in transcribedimage text in transcribed

of 8 Problem 3-9B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash Accounts Receivable Land $47,500 31,700 116,800 Accounts Payable $15,900 ipped Notes Payable (due in 2 years) 36,000 Common Stock 106,000 Retained Earnings 38,100 Book Totals $196,000 $196,000 erences The following is a summary of the transactions for the year: 1. January 12 2. February 25 3. March 19 4. April 30 5. June 16 6. July 7 7. September 30 8. November 22 9. December 30 Provide services to customers on account, $68,400. Provide services to customers for cash, $78,300. Collect on accounts receivable, $46,300. Issue shares of common stock in exchange for $36,000 cash. Purchase supplies on account, $13,300. Pay on accounts payable, $11,900. Pay salaries for employee work in the current year, $70,200. Pay advertising for the current year, $23,100." Pay $3,500 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,100 and will be paid January 1, 2025, Accrued salaries at year-end amounted to $2,100 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $2,900. Part 4 of 8 1.81 points Problem 3-9B (Algo) Part 7 7. Prepare an adjusted trial balance. JACKRABBIT RENTALS Adjusted Trial Balance December 31, 2024 Accounts Debit Credit Skipped Cash Accounts Receivable eBook Supplies References Land Accounts Payable Salaries Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Interest Expense Supplies Expense Total $ 0 $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Tools for business decision making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

5th edition

470506954, 471345881, 978-0470506950, 9780471345886, 978-0470477144

More Books

Students also viewed these Accounting questions