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[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 | $ | 47,500 | |||||
31,700 | |||||||
Land | 116,800 | ||||||
Accounts Payable | 15,900 | ||||||
Notes Payable (due in 2 years) | 36,000 | ||||||
Common Stock | 106,000 | ||||||
38,100 | |||||||
Totals | $ | 196,000 | $ | 196,000 | |||
The following is a summary of the transactions for the year:
1. | January | 12 | Provide services to customers on account, $68,400. | |||
2. | February | 25 | Provide services to customers for cash, $78,300. | |||
3. | March | 19 | Collect on accounts receivable, $46,300. | |||
4. | April | 30 | Issue shares of common stock in exchange for $36,000 cash. | |||
5. | June | 16 | Purchase supplies on account, $13,300. | |||
6. | July | 7 | Pay on accounts payable, $11,900. | |||
7. | September | 30 | Pay salaries for employee work in the current year, $70,200. | |||
8. | November | 22 | Pay advertising for the current year, $23,100. | |||
9. | December | 30 | Pay $3,500 cash dividends to stockholders. |
The following information is available for the
Accrued interest on the notes payable at year-end amounted to $3,100 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $2,100 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $2,900.
Prepare an unadjusted
Cash
Account Receivable
Supplies
Land
Account Payable
Salaries Payable
Interest Payable
Notes Payable
Common Stock
Retained Earnings
Dividends
Service Revenue
Salaries Expense
Advertising Expense
Interest Expense
Supplies Expense
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