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The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash $ 45,500 Accounts Receivable 29,700 Land
The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances:
Accounts | Debits | Credits |
---|---|---|
Cash | $ 45,500 | |
Accounts Receivable | 29,700 | |
Land | 114,800 | |
Accounts Payable | $ 15,700 | |
Notes Payable (due in 2 years) | 34,000 | |
Common Stock | 104,000 | |
Retained Earnings | 36,300 | |
Totals | $ 190,000 | $ 190,000 |
The following is a summary of the transactions for the year:
1. January 12 | Provide services to customers on account, $66,400. |
---|---|
2. February 25 | Provide services to customers for cash, $77,300. |
3. March 19 | Collect on accounts receivable, $46,100. |
4. April 30 | Issue shares of common stock in exchange for $34,000 cash. |
5. June 16 | Purchase supplies on account, $12,900. |
6. July 7 | Pay on accounts payable, $11,700. |
7. September 30 | Pay salaries for employee work in the current year, $68,200. |
8. November 22 | Pay advertising for the current year, $22,900. |
9. December 30 | Pay $3,300 cash dividends to stockholders. |
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $2,900 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $1,900 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $2,700.
(I need Income Statement and Balance Sheet)
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