Record the adjusting entry for supplies remaining on hand at the end of the year equal to $3,900.

 Record the closing entry for revenue.

Record the closing entry for expenses.

Record the closing entry for cash dividends.

 

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The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Debits $ 25,600 16,400 14,000 158,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $214,000 2. February 3. April 4. May 5. July Credits $ 7,700 6,800 153,000 46,500 $214,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $144,100, and on account, $57,200. 12 Collect on accounts receivable, $52,500. 25 Receive cash in advance from customers, $13,900. 6 Purchase supplies on account, $11,200. 15 Pay property taxes, $9,500. 6. September 10 Pay on accounts payable, $12,400. 7. October 31 Pay salaries, $133,600. 8. November 20 Issue shares of common stock in exchange for $37,000 cash. 9. December 30 Pay $3,800 cash dividends to stockholders. Insurance expired during the year is $8,000. Supplies remaining on hand at the end of the year equal $3,900. Provide services of $12,800 related to cash paid in advance by customers. The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Debits $ 25,600 16,400 14,000 158,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $214,000 2. February 3. April 4. May 5. July Credits $ 7,700 6,800 153,000 46,500 $214,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $144,100, and on account, $57,200. 12 Collect on accounts receivable, $52,500. 25 Receive cash in advance from customers, $13,900. 6 Purchase supplies on account, $11,200. 15 Pay property taxes, $9,500. 6. September 10 Pay on accounts payable, $12,400. 7. October 31 Pay salaries, $133,600. 8. November 20 Issue shares of common stock in exchange for $37,000 cash. 9. December 30 Pay $3,800 cash dividends to stockholders. Insurance expired during the year is $8,000. Supplies remaining on hand at the end of the year equal $3,900. Provide services of $12,800 related to cash paid in advance by customers.

Answer rating: 100% (QA)

SOLUTION To record the adjusting entry for supplies remaining on hand at the end of the year equal to 3900 Date December 31 2021 Account Debit Credit Supplies Expense 3900 Supplies 3900 To record the ... View the full answer