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On January 1. Year 2, Jacob Inc had the following account balances: Accounts Payable $ 737 Accounts Receivable 2,600 Cash 25,500 Common Stock 25,000 Equipment
On January 1. Year 2, Jacob Inc had the following account balances: Accounts Payable $ 737 Accounts Receivable 2,600 Cash 25,500 Common Stock 25,000 Equipment 5,300 Notes Payable 5,00 Retained Earnings 4,683 Salaries and Wages Expense Supplies 2,020 8 During January, Year 2. Jacob entered into the following transactions: A Paid $737 on account for utilities that were used during December, Year 1, B. Purchased $503 of supplies for cash C. Signed a rental agreement for office space and paid $6,700 in advance for six months of rent beginning February 1. Year 2. D. Purchased $25,500 of new equipment, signing a promissory note. E Provided $34,000 of services $16,500 was received in cash and $17.500 was provided on credit. F. Pald workers $8,000 for work done in January Required: Prepare journal entries for each of the following January activities, and post results to the relevant T-accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Cash Accounts Receivable Beg Bal Beg. Bal. End. Bal 0 End. Bal 0 Supplies Prepaid Rent Beg Bai Beg. Bat. End. Bal. 0 End. Bal. 0 Equipment Accounts Payable Bog Bal Beg. Bal. Notes Payable Common Stock Beg. Bal Beg. Bal End. Bal 0 End. Bal 0 Retained Earnings Service Revenue Beg Ball Bog, Bal End. Bal End Bal 0 Salaries and Wages Expense Beg. Bal End. Bal
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