Problem 3-98 (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 $53,500 37,700 122,800 Accounts Payable $16,500 Notes Payable (due in 2 years) 42,000 Common Stock 112,000 Retained Earnings 43,500 Totals $214,000 $214,000 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, $74,400. Provide services to customers for cash, $81,300. Collect on accounts receivable, $46,900. Issue shares of common stock in exchange for $42,000 cash. Purchase supplies on account, $14,500. Pay on accounts payable, $12,500. Pay salaries for employee work in the current year, $76,200. Pay advertising for the current year, $23,700. Pay $4,100 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,700 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $2,700 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $3,500. 1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Debit Beginning Balance Ending Balance Cash Credit Accounts Receivable Debit Credit Beginning Balance Ending Balance Beginning Balance End. Bal. Beginning Balance Ending Balance Supplies Debit Credit Debit Accounts Payable Beginning Balance End. Bal. Land Debit Credit Salaries Payable Credit Debit Credit Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Interest Payable Debit Credit Beginning Balance Ending Balance Notes Payable Debit Credit Common Stock Retained Earnings Debit Credit Debit Credit Beginning Balance Ending Balance Beginning Balance Ending Balance Dividends Service Revenue Debit Credit Debit Credit Beginning Balance Ending Balance Salaries Expense Advertising Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Interest Expense Supplies Expense Debit Credit Debit Credit Beginning Balance Beginning Balance