The following information applies to the questions displayed below. The general ledger of Jackrabbit Rentals at January 1, 2018, includes the following account balances: Debits $ 41,500 25,700 110,800 Accounts Cash Accounts Recelvable Land Accounts Payable Notes Payable Common Stock Retained Eamings Credits $ 15,300 30,000 100,00O 32,700 Totals $178,000 $178,000 The following is a summary of the transactions for the year: a. January 12 Provide services to customers on account, $62,400. b. February 25 Provide services to customers for cash, $75,300. c. March 19 Collect on accounts receivable, $45,700 d. April 30 Issue shares of common stock in exchange for $30,000 cash. e. June 16 Purchase supplies on account, $12,100. f July 7 Pay on accounts payable, $11,300. g. September 30 Pay salaries for employee work in the current year, $64,200. h. November 22 Pay advertising for the current year, $22,500. i. December 30 Pay $2,900 cash dividends to stockholders. j. Accrued interest on the notes payable at year-end amounted to $2,500. Accrued salaries at year-end amounted to $1,500. Supplies remaining on hand at the end of the year equal $2,300. Cash Accounts Receivable 0 41,500 75,300 45,700 30,000 25,700 62,400 Beg. Bal Beg. Bal 11,300f 64,200 22,500 2,900 45,700 C End. Bal End. Bal 42,400 Supplies 12,100 12,100 Land Beg. Bal 0 Beg. Bal 110,800 0 End. Bal End. Bal 110,800 Accounts Payable Salaries Payable Beg. Bal Beg. Bal 15,300 12,100 e 11,300 End. Bal 16,100 End. Bal Interest Payable Notes Payable Beg. Bal Beg. Bal 30,000 End. Bal End. Bal Common Stock Retained Earnings Beg. Bal 0 100,000 Beg. Bal 32,700 30,000 d End. Bal 130,000 End. Bal 32,700 Dividends Service Revenue Beg. Bal Beg. Bal 62,400 a. 75,300 b. 2,900 End. Bal 2,900 End. Bal 137,700 Salaries Expense Advertising Expense Beg. Bal Beg. Bal h. 64,200 22,500 End. Bal End. Bal Interest Expense Supplies Expense Beg. Bal Beg. Bal End. Bal 2. Record each of the summary transactions listed above. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 23 4 5 6 789 Record the service revenue on account, $62,400. Note: Enter debits before credits. Transactio General Journal Debit Credit Record entry Clear entry View general journal 4. Prepare an unadjusted trial balance JACKRABBIT RENTALS Unadjusted Trial Balance December 31, 2018 Accounts Debit Credit $ 91,600 42,400 12,100 110,800 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 16,100 0 0 30,000 130,000 32,700 2,900 137,700 64,200 22,500 0 0 Total S 346,500$ 346,500 5. Record adjusting entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment for interest expense Note: Enter debits before credits. Transactio General Journal Debit Credit Record entryClear entry View general journal 7. Prepare an adjusted trial balance JACKRABBIT RENTALS Adjusted Trial Balance December 31, 2018 Accounts Debit Credit 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 8-a. Prepare an income statement for the year ended December 31, 2018. JACKRABBIT RENTALS Income Statement For the Year Ended December 31, 2018 Expenses Total expenses 8-b. Prepare a classified balance sheet for the year ended December 31, 2018. JACKRABBIT RENTALS Balance Sheet December 31, 2018 Assets Liabilities Total current assets Total current liabilities Total liabilities Stockholders' Equity Total stockholder's equity Total liabilities and stockholders' equity Total assets 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, 2018 General Journal Debit Credit Record entry Clear entry View general journal