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  3. 39b 14 only...

Question: 39b 14 only...

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e full cycle (LO3-3, 6, 3-7 P3-9B The general ledger of Jackrabbit kentals at January 1, 2016, ncdes the followj account balances: Credits Debits $ 41,500 25,700 110,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable Common Stock Retained Earnings $ 15,300 30,000 100,000 32,700 $178,000 $178,000 Totals The following is a summary of the transactions for the year: a. January 12 Provide services to customers on account, $62,400. b. February 25 Provide services to customers for cash, $75,300. c. March 19 Collect on accounts receivable, $45,700. d. April 30 Issue shares of common stock in exchange for $30,000 cash. e. June 16 Purchase supplies on account, $12,100. f. July g. September 30 Pay salaries for employee work in the current year, $64,200. h. November 22 Pay advertising for the current year, $22,500. i. December 30 Pay $2,900 cash dividends to stockholders. 7 Pay on accounts payable, $11,300. Required 1. Set up the necessary T-accounts and enter the beginning balances from the trial balance. In addition to the accounts shown, the company also has accounts for Supplies, Salaries Payable, Interest Payable, Dividends, Service Revenue, Salaries Expense, Advertising Expense, Interest Expense, and Supplies Expense. 2. Record each of the summary transactions listed above. 3. Post the transactions to the accounts. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued interest on the notes payable at year-end amounted to $2,500. Accrued salaries at year-end amounted to $1,500. Supplies remaining on hand at the end of the year equal $2,300. 6. Post adjusting entries.

3-9B, 1-4 only

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