The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Debits $56,500 40,700 125,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 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 8. November 22 9. December 30 7. Prepare an adjusted trial balance. Accounts Cash Accounts Receivable Supplies Land Accounts Payable Salarine Davahle $223,000 The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $4,000 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $3,000 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $3,800. Provide services to customers on account, $77,400. Provide services to customers for cash, $82,800. Collect on accounts receivable, $47,200. Issue shares of common stock in exchange for $45,000 cash. Purchase supplies on account, $15, 100. JACKRABBIT RENTALS Adjusted Trial Balance December 31, 2024 Pay on accounts payable, $12,800. Pay salaries for employee work in the current year, $79,200. Pay advertising for the current year, $24,000. Pay $4,400 cash dividends to stockholders. Credits Debit $16,800 45,000 115,000 46,200 $223,000 Credit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances:
Debits
$56,500
40,700
125,800
Accounts
Cash
Accounts Receivable
Land
Accounts Payable
Notes Payable (due in 2 years)
Common Stock
Retained Earnings
Totals
$223,000
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
8. November 22
9. December 30
Accounts
Cash
Accounts Receivable
Supplies
Land
Accounts Payable
Salories Dovohle
Provide services to customers on account, $77,400.
Provide services to customers for cash, $82,800.
ollect on accounts receivable, $47,200.
Issue shares of common stock in exchange for $45,000 cash.
Purchase supplies on account, $15,100.
7. Prepare an adjusted trial balance.
Credits
Pay on accounts payable, $12,800.
Pay salaries for employee work in the current year, $79,200.
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $4,000 and will be paid January 1, 2025. Accrued salaries
at year-end amounted to $3,000 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year
equal $3,800.
$16,800
45,000
115,000
46,200
$223,000
Pay advertising for the current year, $24,000.
Pay $4,400 cash dividends to stockholders.
JACKRABBIT RENTALS
Adjusted Trial Balance
December 31, 2024
Debit
Credit
Transcribed Image Text:The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Debits $56,500 40,700 125,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals $223,000 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 8. November 22 9. December 30 Accounts Cash Accounts Receivable Supplies Land Accounts Payable Salories Dovohle Provide services to customers on account, $77,400. Provide services to customers for cash, $82,800. ollect on accounts receivable, $47,200. Issue shares of common stock in exchange for $45,000 cash. Purchase supplies on account, $15,100. 7. Prepare an adjusted trial balance. Credits Pay on accounts payable, $12,800. Pay salaries for employee work in the current year, $79,200. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $4,000 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $3,000 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $3,800. $16,800 45,000 115,000 46,200 $223,000 Pay advertising for the current year, $24,000. Pay $4,400 cash dividends to stockholders. JACKRABBIT RENTALS Adjusted Trial Balance December 31, 2024 Debit Credit
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