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 Debits Credits Cash Accounts Receivable Land $53,500 37,700 122,800 Accounts Payable $16,500 Notes Payable (due in 2 years) 42,000 Common Stock 112,000 Retained Earnings 43,500 Totals $214,000 $214,000 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 9. December 30 Provide services to customers on account, $74,400. Provide services to customers for cash, $81,300. Collect on accounts receivable, $46,900. Issue shares of common stock in exchange for $42,000 cash. Purchase supplies on account, $14,500. Pay on accounts payable, $12,500. Pay salaries for employee work in the current year, $76,200. Pay advertising for the current year, $23,700. Pay $4,100 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,700 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $2,700 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $3,500. 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Transaction December 31 General Journal Debit Credit > Journal entry worksheet > 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Transaction December 31 General Journal Debit Credit < 1 2 3 Record the entry to close the dividends account. Note: Enter debits before credits. Transaction December 31 General Journal Debit Credit >