The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Accounts...
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The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals $41,500 25,700 110,800 $15,300 30,000 100,000 32,700 $178,000 $178,000 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, $62,400. Provide services to customers for cash, $75,300. Collect on accounts receivable, $45,700. Issue shares of common stock in exchange for $30,000 cash. Purchase supplies on account, $12,100. Pay on accounts payable, $11,300. Pay salaries for employee work in the current year, $64,200. Pay advertising for the current year, $22,500. Pay $2,900 cash dividends to stockholders. The following information is available for the adjusting entries. a. Prepare an income statement, statement of stockholder's equity, and a balance sheet (USE GOOD FORM). b. Record closing entries. C. Post the transactions, adjusting entries, and closing entries to the T-accounts (remember to include beginnin balances). d. Prepare a post-closing trial balance. MUST BE DONE IN EXCEL, WITH ALL STEPS INCLUDED AND WORK SHOWN IN ORDER TO FULLY UNDERSTAND EACH STEP THANK Date 31-Dec-24 Account Debit($) Credit($) Interest expense 2500 Interest Payable 2500 31-Dec-24 Salaries expense 1500 Salaries Payable 1500 31-Dec-24 Supplies expense 9800 Supplies '9800 The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals $41,500 25,700 110,800 $15,300 30,000 100,000 32,700 $178,000 $178,000 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, $62,400. Provide services to customers for cash, $75,300. Collect on accounts receivable, $45,700. Issue shares of common stock in exchange for $30,000 cash. Purchase supplies on account, $12,100. Pay on accounts payable, $11,300. Pay salaries for employee work in the current year, $64,200. Pay advertising for the current year, $22,500. Pay $2,900 cash dividends to stockholders. The following information is available for the adjusting entries. a. Prepare an income statement, statement of stockholder's equity, and a balance sheet (USE GOOD FORM). b. Record closing entries. C. Post the transactions, adjusting entries, and closing entries to the T-accounts (remember to include beginnin balances). d. Prepare a post-closing trial balance. MUST BE DONE IN EXCEL, WITH ALL STEPS INCLUDED AND WORK SHOWN IN ORDER TO FULLY UNDERSTAND EACH STEP THANK Date 31-Dec-24 Account Debit($) Credit($) Interest expense 2500 Interest Payable 2500 31-Dec-24 Salaries expense 1500 Salaries Payable 1500 31-Dec-24 Supplies expense 9800 Supplies '9800
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Answer To solve this problem in Excel we will follow the steps outlined below 1 Create TAccounts for ... View the full answer
Related Book For
Calculus For Scientists And Engineers Early Transcendentals
ISBN: 9780321849212
1st Edition
Authors: William L Briggs, Bernard Gillett, Bill L Briggs, Lyle Cochran
Posted Date:
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