Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Saved Help Sa Required information [The following information applies to the questions displayed below.) The general ledger of Jackrabbit Rentals at January 1, 2021, includes

image text in transcribed
image text in transcribed
Saved Help Sa 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 $ 61,5ee 45,700 130,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 17,300 5e,eee 120,000 5e, 7ee $238,000 $238,000 The following is a summary of the transactions for the year 1. January 12 Provide services to customers on account, $82, 4ee. 2. February 25 Provide services to customers for cash, $85,300. 3. March 19 Collect on accounts receivable, $47,700. 4. April 30 Issue shares of common stock in exchange for $50,000 cash. 5. June 16 Purchase supplies on account, $16, 100. 6. July 7 Pay on accounts payable, $13,30e. 7. September 30 Pay salaries for employee work in the current year, $84,200. 8. November 22 Pay advertising for the current year, $24,500. 9. December 30 Pay $4,900 cash dividends to stockholders. -- S. http%253A%25 Saved Help 2. February 25 Provide services to customers for cash, 585,30e. 3. March 19 Collect on accounts receivable, $47,700. 4. April 30 Issue shares of common stock in exchange for $50,000 cash. 5. June 16 Purchase supplies on account, $16,109. 6. July 7 Pay on accounts payable, $13,3ee. 7. September 30 Pay salaries for employee work in the current year, 584,200. 8. November 22 Pay advertising for the current year, $24,5ee. 9. December 30 Pay $4,900 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $4,500 and will be paid January 1, 2022 Accrue salaries at year-end amounted to $3,500 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $4,300. 11. Prepare a post-closing trial balance JACKRABBIT RENTALS Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit

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

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

11th Edition

0072834943, 9780072834949

More Books

Students also viewed these Accounting questions