Required information Problem 3 9B (Algo) Complete the full accounting cycle (LO3 3, 3 4, 3 5, 3 6, 3 7) Skip to question 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 $50,500 Accounts Receivable 34,700 Land 119,800 Accounts Payable $16,200 Notes Payable (due in 2 years) 39,000 Common Stock 109,000 Retained Earnings 40,800 Totals $205,000 $205,000 The following is a summary of the transactions for the year 1 January 12 Provide services to customers on account, $71,400 2 February 25 Provide services to customers for cash, $79,800 3 March 19 Collect on accounts receivable, $46,600 4 April 30 Issue shares of common stock in exchange for $39,000 cash 5 June 16 Purchase supplies on account, $13,900 6 July 7 Pay on accounts payable, $12,200 7 September 30 Pay salaries for employee work in the current year, $73,200 8 November 22 Pay advertising for the current year, $23,400 9 December 30 Pay $3,800 cash dividends to stockholders The following information is available for the adjusting entries Accrued interest on the notes payable at year end amounted to $3,400 and will be paid January 1, 2025 Accrued salaries at year end amounted to $2,400 and will be paid on January 5, 2025 Supplies remaining on hand at the end of the year equal $3,200 Problem 3 9B (Algo) Part 9 9 Record closing entries (If no entry is required for a particular transaction event, select No Journal Entry Required in the first account field )

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Required information Problem 3-9B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) Skip to question [The following information applies to the questions

Required information

Problem 3-9B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)

Skip to question

[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	$50,500
Accounts Receivable	34,700
Land	119,800
Accounts Payable		$16,200
Notes Payable (due in 2 years)		39,000
Common Stock		109,000
Retained Earnings		40,800
Totals	$205,000	$205,000

The following is a summary of the transactions for the year:

1. January 12	Provide services to customers on account, $71,400.
2. February 25	Provide services to customers for cash, $79,800.
3. March 19	Collect on accounts receivable, $46,600.
4. April 30	Issue shares of common stock in exchange for $39,000 cash.
5. June 16	Purchase supplies on account, $13,900.
6. July 7	Pay on accounts payable, $12,200.
7. September 30	Pay salaries for employee work in the current year, $73,200.
8. November 22	Pay advertising for the current year, $23,400.
9. December 30	Pay $3,800 cash dividends to stockholders.

The following information is available for the adjusting entries.

Accrued interest on the notes payable at year-end amounted to $3,400 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $2,400 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $3,200.

Problem 3-9B (Algo) Part 9

9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)