Problem 3-9B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL)

The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:

Accounts	Debits				Credits
Cash	$	60,500
Accounts Receivable		44,700
Land		129,800
Accounts Payable						17,200
Notes Payable (due in 2 years)						49,000
Common Stock						119,000
Retained Earnings						49,800
Totals	$	235,000			$	235,000

The following is a summary of the transactions for the year:

1.		January		12		Provide services to customers on account, $81,400.
2.		February		25		Provide services to customers for cash, $84,800.
3.		March		19		Collect on accounts receivable, $47,600.
4.		April		30		Issue shares of common stock in exchange for $49,000 cash.
5.		June		16		Purchase supplies on account, $15,900.
6.		July		7		Pay on accounts payable, $13,200.
7.		September		30		Pay salaries for employee work in the current year, $83,200.
8.		November		22		Pay advertising for the current year, $24,400.
9.		December		30		Pay $4,800 cash dividends to stockholders.

The following information is available for the adjusting entries.

Accrued interest on the notes payable at year-end amounted to $4,400 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $3,400 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $4,200.

Problem 3-9B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL)

The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:

Accounts	Debits				Credits
Cash	$	60,500
Accounts Receivable		44,700
Land		129,800
Accounts Payable						17,200
Notes Payable (due in 2 years)						49,000
Common Stock						119,000
Retained Earnings						49,800
Totals	$	235,000			$	235,000

The following is a summary of the transactions for the year:

1.		January		12		Provide services to customers on account, $81,400.
2.		February		25		Provide services to customers for cash, $84,800.
3.		March		19		Collect on accounts receivable, $47,600.
4.		April		30		Issue shares of common stock in exchange for $49,000 cash.
5.		June		16		Purchase supplies on account, $15,900.
6.		July		7		Pay on accounts payable, $13,200.
7.		September		30		Pay salaries for employee work in the current year, $83,200.
8.		November		22		Pay advertising for the current year, $24,400.
9.		December		30		Pay $4,800 cash dividends to stockholders.

The following information is available for the adjusting entries.

Accrued interest on the notes payable at year-end amounted to $4,400 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $3,400 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $4,200.

Journal entry worksheet Journal entry worksheet Record the closing entry for revenue. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Journal entry worksheet Record the adjusting entry for salaries. Accrued salaries at year-end amounted to $3,400 and will be paid on January 5, 2022. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Requirement Generalladaer > Journal entry worksheet