Problem 3-98 (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 1. January 12 2. February 25 3. March 19 Debits $44,500 28,700 113,800 $187,000 Credits The following is a summary of the transactions for the year. કરાdlces Provide services to customers on account, $65,400. Provide services to customers for cash, $76,800. Collect on accounts receivable, $46,000. Problem 3-9B (Algo) Part 11 11. Prepare a post-closing trial balance. $15,600 33,000 103,000 35,400 $187,000 4. April 30 Issue shares of common stock in exchange for $33,000 cash. Purchase supplies on account, $12,700. 5. June 16 6. July 7 Pay on accounts payable, $11,600. 7. September 30 Pay salaries for employee work in the current year, $67,200. 8. November 221 Pay advertising for the current year, $22,800. 9. December 30 Pay $3,200 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $2,800 and will be paid January 1, 2025. Accrued salari at year-end amounted to $1,800 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $2,600
Problem 3-98 (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 1. January 12 2. February 25 3. March 19 Debits $44,500 28,700 113,800 $187,000 Credits The following is a summary of the transactions for the year. કરાdlces Provide services to customers on account, $65,400. Provide services to customers for cash, $76,800. Collect on accounts receivable, $46,000. Problem 3-9B (Algo) Part 11 11. Prepare a post-closing trial balance. $15,600 33,000 103,000 35,400 $187,000 4. April 30 Issue shares of common stock in exchange for $33,000 cash. Purchase supplies on account, $12,700. 5. June 16 6. July 7 Pay on accounts payable, $11,600. 7. September 30 Pay salaries for employee work in the current year, $67,200. 8. November 221 Pay advertising for the current year, $22,800. 9. December 30 Pay $3,200 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $2,800 and will be paid January 1, 2025. Accrued salari at year-end amounted to $1,800 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $2,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 3-9B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
[The following information applies to the questions displayed below.]
The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances:
Accounts
Cash
Accounts Receivable.
Land
Accounts Payable
Notes Payable (due in 2 years)
Common Stock
Retained Earnings
Totals
Debits
$44,500
28,700
113,800
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
$187,000
Problem 3-9B (Algo) Part 11
11. Prepare a post-closing trial balance.
Credits
Provide services to customers on account, $65,400.
Provide services to customers for cash, $76,800.
Collect on accounts receivable, $46,000.
Issue shares of common stock in exchange for $33,000 cash.
Purchase supplies on account, $12,700.
Pay on accounts payable, $11,600.
Pay salaries for employee work in the current year, $67,200.
Pay advertising for the current year, $22,800.
9. December 30 Pay $3,200 cash dividends to stockholders.
$15,600
33,000
103,000
35,400
$187,000
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $2,800 and will be paid January 1, 2025 Accrued salaries
at year-end amounted to $1,800 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year
equal $2,600,](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F84fefd46-9e74-4d61-9ac5-d103349d245d%2F33d7df3c-61db-42b9-b325-14e3c78f2c72%2Fu21tyca_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 3-9B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
[The following information applies to the questions displayed below.]
The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances:
Accounts
Cash
Accounts Receivable.
Land
Accounts Payable
Notes Payable (due in 2 years)
Common Stock
Retained Earnings
Totals
Debits
$44,500
28,700
113,800
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
$187,000
Problem 3-9B (Algo) Part 11
11. Prepare a post-closing trial balance.
Credits
Provide services to customers on account, $65,400.
Provide services to customers for cash, $76,800.
Collect on accounts receivable, $46,000.
Issue shares of common stock in exchange for $33,000 cash.
Purchase supplies on account, $12,700.
Pay on accounts payable, $11,600.
Pay salaries for employee work in the current year, $67,200.
Pay advertising for the current year, $22,800.
9. December 30 Pay $3,200 cash dividends to stockholders.
$15,600
33,000
103,000
35,400
$187,000
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $2,800 and will be paid January 1, 2025 Accrued salaries
at year-end amounted to $1,800 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year
equal $2,600,
Transcribed Image Text:11. Prepare a post-closing trial balance.
Totals
JACKRABBIT RENTALS
Post-Closing Trial Balance
December 31, 2024
Accounts
$
SA
Debit
LA
0 $
Credit
O
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