Question
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 11
11. Prepare a post-closing trial balance.
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