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Business
Accounting
Required information Accounts Cash Accounts Receivable Supplies Land Accounts Payable Salaries Payable Interest Payable Notes Payable JACKRABBIT RENTALS Adjusted Trial Balance December 31, 2024 Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Interest Expense Supplies Expense Total Debit Credit

Required information Accounts Cash Accounts Receivable Supplies Land Accounts Payable Salaries Payable Interest Payable Notes Payable JACKRABBIT RENTALS Adjusted Trial Balance December 31, 2024 Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Interest Expense Supplies Expense Total Debit Credit

FINANCIAL ACCOUNTING
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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Required information JACKRABBIT RENTALS Adjusted Trial Balance December 31, 2024 Accounts 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 Debit 0 $ Credit
Transcribed Image Text:Required information JACKRABBIT RENTALS Adjusted Trial Balance December 31, 2024 Accounts 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 Debit 0 $ Credit
R Required information [The following information applies to the questions displayed below] The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances Credits Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 4. April 30. 5. June 16 Debits $43,500 27,700 112,800 The following is a summary of the transactions for the year 1. January 12 2. February 25 3. March 19 6. July 7 7. September 30 8. November 22 9. December 30 $184,000 $15,500 32,000 102,000 34,500 $184,000 Provide services to customers on account, $64,400. Provide services to customers for cash, $76,300. Collect on accounts receivable, $45,900. Issue shares of common stock in exchange for $32,000 cash. Purchase supplies on account, $12,500. Pay on accounts payable, $11,500. Pay salaries for employee work in the current year, $66,200. Pay advertising for the current year, $22,700. Pay $3,100 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $2,700 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $1,700 and will be paid on January 5, 2025 Supplies remaining on hand at the end of the year equal $2,500.
Transcribed Image Text:R Required information [The following information applies to the questions displayed below] The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances Credits Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 4. April 30. 5. June 16 Debits $43,500 27,700 112,800 The following is a summary of the transactions for the year 1. January 12 2. February 25 3. March 19 6. July 7 7. September 30 8. November 22 9. December 30 $184,000 $15,500 32,000 102,000 34,500 $184,000 Provide services to customers on account, $64,400. Provide services to customers for cash, $76,300. Collect on accounts receivable, $45,900. Issue shares of common stock in exchange for $32,000 cash. Purchase supplies on account, $12,500. Pay on accounts payable, $11,500. Pay salaries for employee work in the current year, $66,200. Pay advertising for the current year, $22,700. Pay $3,100 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $2,700 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $1,700 and will be paid on January 5, 2025 Supplies remaining on hand at the end of the year equal $2,500.
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