The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Debits $ 48,500 32,700 117,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings. Totals $199,000 3. March 4. April 5. June Credits 16,000 37,000 107,000 39,000 $199,000 The following is a summary of the transactions for the year: 2. February 1. January 12 Provide services to customers on account, $69,400. 25 Provide services to customers for cash, $78,800. 19 Collect on accounts receivable, $46,400. 30 Issue shares of common stock in exchange for $37,000 cash. 16 Purchase supplies on account, $13,500. 6. July 7 Pay on accounts payable, $12,000. 7. September 30 Pay salaries for employee work in the current year, $71,200. 8. November 22 Pay advertising for the current year, $23,200. 9. December 30 Pay $3,600 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,200 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $2,200 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,000.
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Debits $ 48,500 32,700 117,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings. Totals $199,000 3. March 4. April 5. June Credits 16,000 37,000 107,000 39,000 $199,000 The following is a summary of the transactions for the year: 2. February 1. January 12 Provide services to customers on account, $69,400. 25 Provide services to customers for cash, $78,800. 19 Collect on accounts receivable, $46,400. 30 Issue shares of common stock in exchange for $37,000 cash. 16 Purchase supplies on account, $13,500. 6. July 7 Pay on accounts payable, $12,000. 7. September 30 Pay salaries for employee work in the current year, $71,200. 8. November 22 Pay advertising for the current year, $23,200. 9. December 30 Pay $3,600 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,200 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $2,200 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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![Required information
[The following information applies to the questions displayed below.]
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:
Accounts
Cash
Accounts Receivable
Land
Accounts Payable
Notes Payable (due in 2 years)
Common Stock
Retained Earnings
Totals
Debits
$ 48,500
32,700
117,800
4. April
5. June
$199,000
Credits
16,000
37,000
107,000
39,000
$199,000
The following is a summary of the transactions for the year:
1. January
2. February
3. March
12 Provide services to customers on account, $69,400.
25 Provide services to customers for cash, $78,800.
19 Collect on accounts receivable, $46,400.
30 Issue shares of common stock in exchange for $37,000 cash.
16 Purchase supplies on account, $13,500.
6. July
7 Pay on accounts payable, $12,000.
7. September 30 Pay salaries for employee work in the current year, $71,200.
8. November 22 Pay advertising for the current year, $23,200.
9. December 30 Pay $3,600 cash dividends to stockholders.
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $3,200 and will be paid January 1, 2022. Accrued salaries
at year-end amounted to $2,200 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year
equal $3,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd80ccd3b-f207-4569-a0c9-dab8b67382eb%2F37a35e43-6cc5-45d7-9112-45942383ef1b%2F0ou0ayh_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:
Accounts
Cash
Accounts Receivable
Land
Accounts Payable
Notes Payable (due in 2 years)
Common Stock
Retained Earnings
Totals
Debits
$ 48,500
32,700
117,800
4. April
5. June
$199,000
Credits
16,000
37,000
107,000
39,000
$199,000
The following is a summary of the transactions for the year:
1. January
2. February
3. March
12 Provide services to customers on account, $69,400.
25 Provide services to customers for cash, $78,800.
19 Collect on accounts receivable, $46,400.
30 Issue shares of common stock in exchange for $37,000 cash.
16 Purchase supplies on account, $13,500.
6. July
7 Pay on accounts payable, $12,000.
7. September 30 Pay salaries for employee work in the current year, $71,200.
8. November 22 Pay advertising for the current year, $23,200.
9. December 30 Pay $3,600 cash dividends to stockholders.
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $3,200 and will be paid January 1, 2022. Accrued salaries
at year-end amounted to $2,200 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year
equal $3,000.
Transcribed Image Text:4. Prepare an unadjusted trial balance.
Accounts
Cash
Accounts Receivable
Supplies
Land
Accounts Payable
Salaries Payable
Interest Payable
Notes Payable
JACKRABBIT RENTALS
Unadjusted Trial Balance
December 31, 2021
Debit
Common Stock
Retained Earnings
Dividends
Service Revenue
Salaries Expense
Advertising Expense
Interest Expense
Supplies Expense
Total
$
0 $
Credit
0
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