Problem 3-9B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals Debits $53,500 37,700 122,800 4. April 30 5. June 16 $214,000 The following is a summary of the transactions for the year: 1. January 12 2. February 25 3. March 19 Credits $16,500 42,000 112,000 43,500 $214,000 Provide services to customers on account, $74,400. Provide services to customers for cash, $81,300. Collect on accounts receivable, $46,900. Issue shares of common stock in exchange for $42,000 cash. Purchase supplies on account, $14,500. 6. July 7 Pay on accounts payable, $12,500. 7. September 30 Pay salaries for employee work in the current year, $76,200. 8. Novembe Pay advertising for the current year, 22 9. December 30 700. Pay $4,100 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,700 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $2,700 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $3,500.
Problem 3-9B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals Debits $53,500 37,700 122,800 4. April 30 5. June 16 $214,000 The following is a summary of the transactions for the year: 1. January 12 2. February 25 3. March 19 Credits $16,500 42,000 112,000 43,500 $214,000 Provide services to customers on account, $74,400. Provide services to customers for cash, $81,300. Collect on accounts receivable, $46,900. Issue shares of common stock in exchange for $42,000 cash. Purchase supplies on account, $14,500. 6. July 7 Pay on accounts payable, $12,500. 7. September 30 Pay salaries for employee work in the current year, $76,200. 8. Novembe Pay advertising for the current year, 22 9. December 30 700. Pay $4,100 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,700 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $2,700 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $3,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 3-9B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
[The following information applies to the questions displayed below.]
The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances:
Debits
$53,500
37,700
122,800
Accounts
Cash
Accounts Receivable
Land
Accounts Payable
Notes Payable (due in 2 years)
Common Stock
Retained Earnings
Totals
$214,000
The following is a summary of the transactions for the year:
1. January 12
2. February 25
3. March 19
4. April 30
5. June 16
6. July 7
7. September 30
November 22
9. December 30
Credits
$16,500
42,000
112,000
43,500
$214,000
Provide services to customers on account, $74,400.
Provide services to customers for cash, $81,300.
Collect on accounts receivable, $46,900.
Issue shares of common stock in exchange for $42,000 cash.
Purchase supplies on account, $14,500.
Pay on accounts payable, $12,500.
Pay salaries for employee work in the current year, $76,200.
Pay advertising for the current year, $23,700.
Pay $4,100 cash dividends to stockholders.
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $3,700 and will be paid January 1, 2025. Accrued salaries
at year-end amounted to $2,700 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year
equal $3,500.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb476d682-0c1b-4d81-b957-84480e4ac6fd%2F07eff379-0a6d-45e2-ad2b-e6847780889a%2Fz0xlpa5_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 3-9B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
[The following information applies to the questions displayed below.]
The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances:
Debits
$53,500
37,700
122,800
Accounts
Cash
Accounts Receivable
Land
Accounts Payable
Notes Payable (due in 2 years)
Common Stock
Retained Earnings
Totals
$214,000
The following is a summary of the transactions for the year:
1. January 12
2. February 25
3. March 19
4. April 30
5. June 16
6. July 7
7. September 30
November 22
9. December 30
Credits
$16,500
42,000
112,000
43,500
$214,000
Provide services to customers on account, $74,400.
Provide services to customers for cash, $81,300.
Collect on accounts receivable, $46,900.
Issue shares of common stock in exchange for $42,000 cash.
Purchase supplies on account, $14,500.
Pay on accounts payable, $12,500.
Pay salaries for employee work in the current year, $76,200.
Pay advertising for the current year, $23,700.
Pay $4,100 cash dividends to stockholders.
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $3,700 and will be paid January 1, 2025. Accrued salaries
at year-end amounted to $2,700 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year
equal $3,500.
Transcribed Image Text:11. Prepare a post-closing trial balance.
Totals
JACKRABBIT RENTALS
Post-Closing Trial Balance
December 31, 2024
Accounts
Debit
0 $
Credit
0
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