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Required information [The following information applies to the questions displayed below.] The general ledger of Jackrabbit...

Question

Required information [The following information applies to the questions displayed below.] The general ledger of Jackrabbit...

Required information [The following information applies to the questions displayed below.] The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 46,500 Accounts Receivable 30,700 Land 115,800 Accounts Payable 15,800 Notes Payable (due in 2 years) 35,000 Common Stock 105,000 Retained Earnings 37,200 Totals $ 193,000 $ 193,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $67,400. 2. February 25 Provide services to customers for cash, $77,800. 3. March 19 Collect on accounts receivable, $46,200. 4. April 30 Issue shares of common stock in exchange for $35,000 cash. 5. June 16 Purchase supplies on account, $13,100. 6. July 7 Pay on accounts payable, $11,800. 7. September 30 Pay salaries for employee work in the current year, $69,200. 8. November 22 Pay advertising for the current year, $23,000. 9. December 30 Pay $3,400 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $3,000 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $2,000 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $2,800.

9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.).

Answers

Closing entries will be:

Date Description Dec 31 Service revenue Income Summary (to close revenue accounts) Debit Credit $ 145,200 $ 145,200 $ 112,900

Workings

Closing entries are booked to close revenues, expenses and dividends or withdrawals account. Before we book closing entries. we need to determine impact of all transactions on the revenues, expenses and dividends or withdrawals account so that these can be closed

Lets first book journal entries related to the transactions incurred during the accounting period

Debit $ 67,400 Credit working given $ 67,400 $ 77,800 $ 77,800 given $46,200 $ 35,000 $ 46,200 given $ 35,000 $ 13,100 $ 13,1

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