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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
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 $ 56,500 40,700 125,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 16,800 45,000 115,000 46,200 $223,000 $223,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $77,400. 2. Pebruary 25 Provide services to customers for cash, $82,800. 3. March 19 Collect on accounts receivable, $47,200. 4. April 30 Issue shares of common stock in exchange for $45,000 cash. 5. June 16 Purchase supplies on account, $15,100. 6. July 7 Pay on accounts payable, $12,800. 7. September 30 Pay salaries for employee work in the current year, $79,200. 8. November 22 Pay advertising for the current year. $24,000. 9. December 30 Day $4,400 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $4,000 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $3,000 and will be paid on January 5, 2022. Supplies hand at the end of the year equal $3,800. 8-a. Prepare an income statement for the year ended December 31, 2021. JACKRABBIT RENTALS MacBook Pro G Search or type URL & 7 3 96 5 4 6 8 9 O w R T Y D F G H K Saved 8-a. Prepare an income statement for the year ended December 31, 2021. JACKRABBIT RENTALS Income Statement For the Year Ended December 31, 2021 Expenses: Salaries Expense Rent Expense Supplies Expense Advertising Expense Utilities Expense Total expenses 0 8-b. Prepare a classified balance sheet for the year ended December 31, 2021. JACKRABBIT RENTALS Balance Sheet December 31, 2021 Assets Liabilities MacBook Pro G Search or type URL %
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