Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information The following information applies to the questions displayed below.) The general ledger of Jackrabbit Rentals at January 1, 2021. Includes the following account

image text in transcribed
image text in transcribed
Required information The following information applies to the questions displayed below.) The general ledger of Jackrabbit Rentals at January 1, 2021. Includes the following account balances: Credits Debits $ 43,500 27,700 112,890 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 15,500 32,000 102,000 34,500 $184,000 14,000 The following is a summary of the tractions for the year: 1. January 12 Provide services to customers on account, $64,400. 2. February 25 Provide services to customers for cash, $76,300. 3. March 19 Collect on accounts receivable, $45,900. 4. April 38 Issue shares of common stock in exchange for $32,000 cash. 5. June 16 Purchase supplies on account, $12,500. 6. July 7 Pay on accounts payable, $11,500 7. September 30 Pay salaries for employee work in the current yeary $66,200. 8. November 22 Pay advertising for the current year, $22,700 9. December 30 Pay $3,100 cash dividends to stockholders The following information is available for the adjusting entries. Accrued interest on the notes payable at year end amounted to $2,700 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $1700 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $2,500 4. Prepare an unadjusted trial balance. f8 JACKRABBIT RENTALS Unadjusted Trial Balance December 31, 2021 Accounts Debit Credit OK int ences 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 Total S 0 S 0 w

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Sector Accounting And Budgeting For Non-Specialists

Authors: G. Jan Van Helden, Ron Hodges

1st Edition

1137376988, 9781137376985

More Books

Students also viewed these Accounting questions