Required information Problem 3-9B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)...
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Required information
Problem 3-9B (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
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[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
Debits
Credits
Cash
$50,500
Accounts Receivable
34,700
Land
119,800
Accounts Payable
$16,200
Notes Payable (due in 2 years)
39,000
Common Stock
109,000
Retained Earnings
40,800
Totals
$205,000
$205,000
The following is a summary of the transactions for the year:
1. January 12
Provide services to customers on account, $71,400.
2. February 25
Provide services to customers for cash, $79,800.
3. March 19
Collect on accounts receivable, $46,600.
4. April 30
Issue shares of common stock in exchange for $39,000 cash.
5. June 16
Purchase supplies on account, $13,900.
6. July 7
Pay on accounts payable, $12,200.
7. September 30
Pay salaries for employee work in the current year, $73,200.
8. November 22
Pay advertising for the current year, $23,400.
9. December 30
Pay $3,800 cash dividends to stockholders.
The following information is available for the adjusting entries.
Accrued interest on the notes payable at year-end amounted to $3,400 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $2,400 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $3,200.
Problem 3-9B (Algo) Parts 1, 3, 6 and 10
1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances.
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