The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Debits $57,500 41,700 126,800 Accounts Cash Accounts Receivable. Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals $226,000 The following is a summary of the transactions for the year: 1. January 12 2. February 25 3. Harch 19 4. April 30 5. June 16 6. July 7 7. September 30 8. November 22. 9. December 30. Credits $16,900 46,000 116,000. 47,100 $226,000 Provide services to customers on account, $78,400. Provide services to customers for cash, $83,300. Collect on accounts receivable, $47,300. Issue shares of common stock in exchange for $46,000 cash. Purchase supplies on account, $15,300. Pay on accounts payable, $12,900. Pay salaries for employee work in the current year, $80,200. Pay advertising for the current year, $24,100. Pay $4,500 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $4,100 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $3,100 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $3,900.

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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Current Assets:
Cash
Accounts Receivable
Supplies
Total Current Assets
Long-term assets;
Total Assets
Assets
$
JACKRABBIT RENTALS
Balance Sheet
December 31, 2024
3,900
3,900
3,900
Current Liabilities:
Total Current Liabilities
Long-Term Liabilities:
Total Liabilities
< Required A
Liabilities
Stockholders' Equity
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
Required)
$
$
0
0
0
0
Transcribed Image Text:Current Assets: Cash Accounts Receivable Supplies Total Current Assets Long-term assets; Total Assets Assets $ JACKRABBIT RENTALS Balance Sheet December 31, 2024 3,900 3,900 3,900 Current Liabilities: Total Current Liabilities Long-Term Liabilities: Total Liabilities < Required A Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Required) $ $ 0 0 0 0
The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances:
Debits
$57,500
41,700
126,800
Accounts
Cash
Accounts Receivable
Land
Accounts Payable
Notes Payable (due in 2 years)
Common Stock
Retained Earnings.
Totals
$226,000
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
Credits
$16,900
46,000
116,000
47,100
$226,000
Provide services to customers on account, $78,400.
Provide services to customers for cash, $83,300.
Collect on accounts receivable, $47,300.
Issue shares of common stock in exchange for $46,000 cash.
Purchase supplies on account, $15,300.
Pay on accounts payable, $12,900.
Pay salaries for employee work in the current year, $80,200.
Pay advertising for the current year, $24,100.
Pay $4,500 cash dividends to stockholders.
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $4,100 and will be paid January 1, 2025. Accrued salaries
at year-end amounted to $3,100 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year
equal $3,900.
Transcribed Image Text:The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Debits $57,500 41,700 126,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings. Totals $226,000 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 Credits $16,900 46,000 116,000 47,100 $226,000 Provide services to customers on account, $78,400. Provide services to customers for cash, $83,300. Collect on accounts receivable, $47,300. Issue shares of common stock in exchange for $46,000 cash. Purchase supplies on account, $15,300. Pay on accounts payable, $12,900. Pay salaries for employee work in the current year, $80,200. Pay advertising for the current year, $24,100. Pay $4,500 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $4,100 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $3,100 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $3,900.
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