Problem 3-9B 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, 2018, includes the following account balances: Accounts Cash Accounts Receivable Debits $44,500 28,700 113,800 Credits Accounts Payable Notes Payable Common Stock Retained Earnings 15,600 33,000 103,000 35,400 Totals $187,000 $187000 The following is a summary of the transactions for the year: a. January 12 Provide services to customers on account, $65,400. b. February 25 Provide services to customers for cash, $76,800. C. March 19 Collect on accounts receivable, $46,000. d. April 30 Issue shares of common stock in exchange for $33,000 cash. e. June 16 Purchase supplies on account, $12,700 f. July 7 Pay on accounts payable, $11,600. g. September 30 Pay salaries for employee work in the current year, $67,200. h. November 22 Pay advertising for the current year, $22,800 i. December 30 Pay $3,200 cash dividends to stockholders. j. Accrued interest on the notes payable at year-end amounted to $2,800. Accrued salaries at year-end amounted to $1,800. Supplies remaining on hand at the end of the year equal $2,600. 4. Prepare an unadjusted trial balance JACKRABBIT RENTALS Unadjusted Trial Balance December 31, 2018 Accounts Debit Credit Cash Accounts receivable Supplies Land Accounts payable Salaries payable Interest payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense Interest expense Supplies expense 95,500 48,100 12,700 113,800 16,700 33,000 136,000 35,400 3,200 142,200 67,200 22,800 Total 363,300 363,300 7. Prepare an adjusted trial balance JACKRABBIT RENTALS Adjusted Trial Balance December 31, 2018 Accounts Debit Credit Cash Acco Supplies Land Accounts payable Salaries payable Interest payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense Interest expense Supplies expense 95,500 48,100 2,600 113,800 unts receivable 16,700 1,800 2,800 33,000 136,000 35,400 3,200 142,200 69,000 22,800 2,800 10,100 Total $ 367,900 $ 367,900 8-a. Prepare an income statement for the year ended December 31, 2018. JACKRABBIT RENTALS Income Statement For the Year Ended December 31, 2018 Service revenue $142,200 Expenses: Salaries expense Advertising expense Supplies expense Interest expense 69,000 22,800 10,100 2,800 Total expenses Net income 104,700 $37,500 Problem 3-9B Part 9 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry r View transaction list Journal entry worksheet 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Record entry Clear entry View general journal 9. Record closing entries. (If no entry is required for a particular transactionlevent, select "No journal ent View transaction list Journal entry worksheet 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Record entry Clear entry View general journal 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry rec View transaction list Journal entry worksheet 2 3 Record the entry to close the dividends account. Note: Enter debits before credits Date General Journal Debit Credit December 31, 2018 Record entry Clear entry View general journal Problem 3-9B Part 11 11. Prepare a post-dlosing trial balance. JACKRABBIT RENTALS Post-Closing Trial Balance December 31, 2018 Accounts Debit Credit Totals 0
