The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits $ 41,500 Cash Accounts Receivable 25,700 110,800 Land Accounts Payable Notes Payable (due in 2 years) 15,300 30,000 100,000 32,700 Common Stock Retained Earnings $178,000 $178,000 Totals The following is a summary of the transactions for the year: 12 Provide services to customers on account, $62,400 25 Provide services to customers for cash, $75,300 19 Collect on accounts receivable, $45,700 30 Issue shares of common stock in exchange for $30,000 cash 16 Purchase supplies on account, $12,100 7 Pay on accounts payable, $11,300 1. January 2. February 3. March 4. April 5. June 6. July 7. September 30 Pay salaries for employee work in the current year, $64,200. 22 Pay advertising for the current year, $22,500 30 Pay $2,900 cash dividends to stockholders 8. November 9. December 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. General General Income Requirement Trial Balance Balance Sheet Ledger Journal Statement 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 9). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 10-12) 3. Review the adjusted 'Trial Balance' as of December 31, 2021. 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15).
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits $ 41,500 Cash Accounts Receivable 25,700 110,800 Land Accounts Payable Notes Payable (due in 2 years) 15,300 30,000 100,000 32,700 Common Stock Retained Earnings $178,000 $178,000 Totals The following is a summary of the transactions for the year: 12 Provide services to customers on account, $62,400 25 Provide services to customers for cash, $75,300 19 Collect on accounts receivable, $45,700 30 Issue shares of common stock in exchange for $30,000 cash 16 Purchase supplies on account, $12,100 7 Pay on accounts payable, $11,300 1. January 2. February 3. March 4. April 5. June 6. July 7. September 30 Pay salaries for employee work in the current year, $64,200. 22 Pay advertising for the current year, $22,500 30 Pay $2,900 cash dividends to stockholders 8. November 9. December 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. General General Income Requirement Trial Balance Balance Sheet Ledger Journal Statement 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 9). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 10-12) 3. Review the adjusted 'Trial Balance' as of December 31, 2021. 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15).
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 10EA: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...
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Question
Transcribed Image Text:The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:
Accounts
Debits
Credits
$ 41,500
Cash
Accounts Receivable
25,700
110,800
Land
Accounts Payable
Notes Payable (due in 2 years)
15,300
30,000
100,000
32,700
Common Stock
Retained Earnings
$178,000
$178,000
Totals
The following is a summary of the transactions for the year:
12 Provide services to customers on account, $62,400
25 Provide services to customers for cash, $75,300
19 Collect on accounts receivable, $45,700
30 Issue shares of common stock in exchange for $30,000 cash
16 Purchase supplies on account, $12,100
7 Pay on accounts payable, $11,300
1. January
2. February
3. March
4. April
5. June
6. July
7. September 30 Pay salaries for employee work in the current year, $64,200.
22 Pay advertising for the current year, $22,500
30 Pay $2,900 cash dividends to stockholders
8. November
9. December
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.
Transcribed Image Text:General
General
Income
Requirement
Trial Balance
Balance Sheet
Ledger
Journal
Statement
1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 9). Review the
'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances
2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 10-12)
3. Review the adjusted 'Trial Balance' as of December 31, 2021.
4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab.
5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab
6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15).
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