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 Debits Credits Cash $ 41,500 Accounts Receivable 25,700 Land 110,800 Accounts Payable 15,300 Notes Payable (due in 2 years) 30,000 Common Stock 100,000 Retained Earnings 32,700 Totals $ 178,000 $ 178,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $62,400. 2. February 25 Provide services to customers for cash, $75,300. 3. March 19 Collect on accounts receivable, $45,700. 4. April 30 Issue shares of common stock in exchange for $30,000 cash. 5. June 16 Purchase supplies on account, $12,100. 6. July 7 Pay on accounts payable, $11,300. 7. September 30 Pay salaries for employee work in the current year, $64,200. 8. November 22 Pay advertising for the current year, $22,500. 9. December 30 Pay $2,900 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $2,500 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $1,500 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $2,300. 9.Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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:...

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	Debits		Credits
Cash	$	41,500
Accounts Receivable		25,700
Land		110,800
Accounts Payable					15,300
Notes Payable (due in 2 years)					30,000
Common Stock					100,000
Retained Earnings					32,700
Totals	$	178,000		$	178,000

The following is a summary of the transactions for the year:

1.	January	12	Provide services to customers on account, $62,400.
2.	February	25	Provide services to customers for cash, $75,300.
3.	March	19	Collect on accounts receivable, $45,700.
4.	April	30	Issue shares of common stock in exchange for $30,000 cash.
5.	June	16	Purchase supplies on account, $12,100.
6.	July	7	Pay on accounts payable, $11,300.
7.	September	30	Pay salaries for employee work in the current year, $64,200.
8.	November	22	Pay advertising for the current year, $22,500.
9.	December	30	Pay $2,900 cash dividends to stockholders.

The following information is available for the adjusting entries.

Accrued interest on the notes payable at year-end amounted to $2,500 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $1,500 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $2,300.

9.Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Jun 07, 2022

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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:...

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