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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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Accounting

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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