Answered step by step
Verified Expert Solution
Question
1 Approved Answer
[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
[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 Credits Cash Accounts Receivable Land Accounts Payable Notes Payable Common Stock Retained Earnings S 15,300 30,000 00,000 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. .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. 4. Prepare an unadjusted trial balance Answer is not complete JACKRABBIT RENTALS Unadjusted Trial Balance December 31, 2018 Accounts Debit Credit $ 91,600 42,400 2,100 110,800 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 79,200 2,500 30,000 30,000 32,700 2,900 37,700 22,500 Total $ 364,000 346,500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started