The general ledger of Jackrabbit Rentals at January 1, 2018,includes the following accountbalances:
Accounts Debits Credits
Cash $ 45,500
Accounts Receivable 29,700
Land 114,800
AccountsPayable $ 15,700
Notes Payable 34,000
CommonStock 104,000
RetainedEarnings 36,300
Totals $ 190,000 $ 190,000
The following is a summary of the transactions for the year:
January 12 Provide services to customers on account,$66,400.
February 25 Provide services to customers for cash, $77,300.
March 19 Collect on accounts receivable, $46,100.
April 30 Issue shares of common stock in exchange for $34,000cash.
June 16 Purchase supplies on account, $12,900.
July 7 Pay on accounts payable, $11,700.
September 30 Pay salaries for employee work in the current year,$68,200.
November 22 Pay advertising for the current year, $22,900.
December 30 Pay $3,300 cash dividends to stockholders.
Accrued interest on the notes payable at year-end amounted to$2,900. Accrued salaries at year-end amounted to $1,900. Suppliesremaining on hand at the end of the year equal $2,700.
- Enter the unadjusted balances from the trial balance and postthe adjusting entries to the T-accounts, and post the closingentries to the T-accounts????
- Record adjusting entries???
- Record closing entries???
