The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances:AccountsCashAccounts Receivable.LandAccounts PayableNotes Payable (due in 2 years)Common StockRetained EarningsTotals.Debits$41,50025,700110,800The following is a summary of the transactions for the year:1. January 122. February 253. March 194. April 305. June 166. July 77. September 308. November 229. December 30Totals$178,000Credits$15,30030,000100,00032,700$178,000Provide services to customers on account, $62,400.Provide services to customers for cash, $75,300.Collect on accounts receivable, $45,700.AccountsIssue shares of common stock in exchange for $30,000 cash.Purchase supplies on account, $12,100.Pay on accounts payable, $11,300.Pay salaries for employee work in the current year, $64,200.Pay advertising for the current year, $22,500.Pay $2,900 cash dividends to stockholders.The following information is available for the adjusting entries.Accrued interest on the notes payable at year-end amounted to $2,500 and will be paid January 1, 2025. Accrued salariesat year-end amounted to $1,500 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the yearequal $2,300.JACKRABBIT RENTALSPost-Closing Trial BalanceDecember 31, 2024$Debit0 $Credit

Journal Entries for transactions for the year No Date Accounts Debit Credit 1 12-Jan…

gs $178,000 32,700 $178,000 a summary of the transactions for the year: Provide services to customers on account, $62,400. Provide services to customers for cash, $75,300. Collect on accounts receivable, $45,700. Issue shares of common stock in exchange for $30,000 cash. Purchase supplies on account, $12,100.

gs $178,000 32,700 $178,000 a summary of the transactions for the year: Provide services to customers on account, $62,400. Provide services to customers for cash, $75,300. Collect on accounts receivable, $45,700. Issue shares of common stock in exchange for $30,000 cash. Purchase supplies on account, $12,100.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $ 41,500Accounts Receivable 25,700Land 110,800Accounts Payable $ 15,300Notes Payable (due in 2 years) 30,000Common Stock 100,000Retained Earnings 32,700Totals $178,000 $178,000The following is a summary of the transactions for the year:1. January 12 Provide services to customers on account, $62,400.2. February 25 Provide services to customers for cash, $75,300.3 March 19 Collect on accounts receivable, $45,700.4. April 30 Issue shares of common stock in exchange for $30,000 cash.5. June 16 Purchase supplies on account, $12,100.6. July 7 Pay on accounts payable, $11,300.7. September 30 Pay salaries for employee work in the current year,…
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