The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:AccountsDebitsCredits$ 41,500CashAccounts Receivable25,700110,800LandAccounts PayableNotes Payable (due in 2 years)15,30030,000100,00032,700Common StockRetained Earnings$178,000$178,000TotalsThe following is a summary of the transactions for the year:12 Provide services to customers on account, $62,40025 Provide services to customers for cash, $75,30019 Collect on accounts receivable, $45,70030 Issue shares of common stock in exchange for $30,000 cash16 Purchase supplies on account, $12,1007 Pay on accounts payable, $11,3001. January2. February3. March4. April5. June6. July7. September 30 Pay salaries for employee work in the current year, $64,200.22 Pay advertising for the current year, $22,50030 Pay $2,900 cash dividends to stockholders8. November9. DecemberThe 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-endamounted to $1,500 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $2,300. GeneralGeneralIncomeRequirementTrial BalanceBalance SheetLedgerJournalStatement1. 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 balances2. 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' tab6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15).

Question
Asked Nov 25, 2019
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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.
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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.

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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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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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Expert Answer

Step 1

1. Record the transactions in the general journal.

Account Title and Explanation
Debit(S) Credit(S)
62,400
Date
January 12, 2021 Accounts receivable
62,400
Service revenue
(To record the recognized service
revenue on aссоиnt)
February 25,2021 Cash
75,300
75,300
Service revenue
(To record cash collection from
customer)
April 30, 2021
Cash
30,000
30,000
Common stock
To record the cash received from
issuance of common stockl
Supplies
Accounts payable
(To record the purchase of supplies on
аccount)
12,100
June 16, 2021
12,100
11,300
July 7, 2021
Accounts payable
11,300
Cash
(To record the payment of cash on
account)
September 30, 2021 Salary expense
64,200
10,000
Cash
To record payment of salaries for
work in the currentperiod)
December 30,2021 Dividends
2,900
Cash
2,900
(To record the payment of dividends)
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Account Title and Explanation Debit(S) Credit(S) 62,400 Date January 12, 2021 Accounts receivable 62,400 Service revenue (To record the recognized service revenue on aссоиnt) February 25,2021 Cash 75,300 75,300 Service revenue (To record cash collection from customer) April 30, 2021 Cash 30,000 30,000 Common stock To record the cash received from issuance of common stockl Supplies Accounts payable (To record the purchase of supplies on аccount) 12,100 June 16, 2021 12,100 11,300 July 7, 2021 Accounts payable 11,300 Cash (To record the payment of cash on account) September 30, 2021 Salary expense 64,200 10,000 Cash To record payment of salaries for work in the currentperiod) December 30,2021 Dividends 2,900 Cash 2,900 (To record the payment of dividends)

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Step 2

2. Record the adjusting entries.

Date
Accounts title and explanation
Debit (S) Credit (S)
2,500
December 31, 2021 Interest Expense
Interest payable
(To record the amount of accrue
interest on notes payable)
2,500
December 31, 2021 Supplies expense
9,800
Supplies (S0+S12,100-$2,300)
To record the supplies expense
incurred at the end of the
accounting year)
Accounts title and explanation Debit (S) Credit (S)
9,800
Date
December 31, 2021 Salaries expense
1,500
1,500
Salaries payable
To record the salary payable for
|the current period)
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Date Accounts title and explanation Debit (S) Credit (S) 2,500 December 31, 2021 Interest Expense Interest payable (To record the amount of accrue interest on notes payable) 2,500 December 31, 2021 Supplies expense 9,800 Supplies (S0+S12,100-$2,300) To record the supplies expense incurred at the end of the accounting year) Accounts title and explanation Debit (S) Credit (S) 9,800 Date December 31, 2021 Salaries expense 1,500 1,500 Salaries payable To record the salary payable for |the current period)

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Step 3

3. Prepare the adjusted trial ...

Jackrabbit Rentals
Adjusted Trial Balance
December 31, 2021
Debit ($) Credit ($)
91,600
42,400
12,100
110,800
Асcounts
Cash
Accounts Receivable
Supplies
Land
Accounts payable
Salaries payable
Interest payable
Notes payable
Common stock
Retained earnings
Dividends
Service revenue
Salaries expense
Advertising expense
Interest expense
Supplies expense
Totals
16,100
1,500
2,200
30,000
130,000
32,700
2,900
137,700
64,200
22,500
2,500
9,800
$350,500 S350,500
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Jackrabbit Rentals Adjusted Trial Balance December 31, 2021 Debit ($) Credit ($) 91,600 42,400 12,100 110,800 Асcounts Cash Accounts Receivable Supplies Land Accounts payable Salaries payable Interest payable Notes payable Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense Interest expense Supplies expense Totals 16,100 1,500 2,200 30,000 130,000 32,700 2,900 137,700 64,200 22,500 2,500 9,800 $350,500 S350,500

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