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

Accounts	Debits				Credits
Cash	$	44,500
Accounts Receivable		28,700
Land		113,800
Accounts Payable						15,600
Notes Payable (due in 2 years)						33,000
Common Stock						103,000
Retained Earnings						35,400
Totals	$	187,000			$	187,000

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

1.		January		12		Provide services to customers on account, $65,400.
2.		February		25		Provide services to customers for cash, $76,800.
3.		March		19		Collect on accounts receivable, $46,000.
4.		April		30		Issue shares of common stock in exchange for $33,000 cash.
5.		June		16		Purchase supplies on account, $12,700.
6.		July		7		Pay on accounts payable, $11,600.
7.		September		30		Pay salaries for employee work in the current year, $67,200.
8.		November		22		Pay advertising for the current year, $22,800.
9.		December		30		Pay $3,200 cash dividends to stockholders.

The following information is available for the adjusting entries.

Accrued interest on the notes payable at year-end amounted to $2,800 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $1,800 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $2,600.

1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 9). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.

2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 10-12).

3. Review the adjusted 'Trial Balance' as of December 31, 2021.

4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab.

5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab.

6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15).

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