The general ledger of Jackrabbit Rentals at January 1, 2021, 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, 2022. Accrued salaries at year-end amounted to $1,900 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $2,700. 11. Prepare a post-closing trial balance.
The general ledger of Jackrabbit Rentals at January 1, 2021, 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, 2022. Accrued salaries at year-end amounted to $1,900 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $2,700. 11. Prepare a post-closing trial balance.
The general ledger of Jackrabbit Rentals at January 1, 2021, 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, 2022. Accrued salaries at year-end amounted to $1,900 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $2,700. 11. Prepare a post-closing trial balance.
The general ledger of Jackrabbit Rentals at January 1, 2021, 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, 2022. Accrued salaries at year-end amounted to $1,900 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $2,700.
11. Prepare a post-closing trial balance.
Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
