The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts...
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The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Credits Cash Debits $ 24,800 15,600 Accounts Receivable Prepaid Insurance Land 12,400 150,000 Accounts Payable Deferred Revenue Common Stock Retained Earnings $ 6,900 6,000 145,000 44,900 Totals $202,800 $202,800 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $136,100, and on account, $53,200. 12 Collect on accounts receivable, $51,700. 2. February 3. April 25 Receive cash in advance from customers, $13,100. 4. May 6 Purchase supplies on account, $9,600. 5. July 15 Pay property taxes, $8,700. 6. September 18 Pay on accounts payable, $11,600. 7. October 31 Pay salaries, $125,600. 20 Issue shares of common stock in exchange for $29,000 cash. 8. November 9. December 30 Pay $3,000 cash dividends to stockholders. Insurance expired during the year is $7,200. Supplies remaining on hand at the end of the year equal $3,100. Provide services of $12,000 related to cash paid in advance by customers. es Journal entry worksitel < 8 ***** 9 10 Record the closing entry for revenue. Note: Enter debits before credits. Date December 31 Service Revenue Record entry 11 General Journal Clear entry e 12 Requirement 13 Debit 14 15 > Credit View general journal General Ledger 5 pok nt nces View transaction list Journal entry worksheet < 8 9 10 ****. Record the closing entry for expenses. Note: Enter debits before credits. Date December 31 Record entry 11 General Journal Clear entry 12 13 Debit 14 > 15 Credit View general journal k es View transaction list Journal entry worksheet < ***** 8 9 10 11 Record the closing entry for cash dividends. Note: Enter debits before credits. Date General Journal December 31 Clear entry Record entry 12 13 14 Debit 3,000 15 Credit 3,000 View general journal The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Credits Cash Debits $ 24,800 15,600 Accounts Receivable Prepaid Insurance Land 12,400 150,000 Accounts Payable Deferred Revenue Common Stock Retained Earnings $ 6,900 6,000 145,000 44,900 Totals $202,800 $202,800 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $136,100, and on account, $53,200. 12 Collect on accounts receivable, $51,700. 2. February 3. April 25 Receive cash in advance from customers, $13,100. 4. May 6 Purchase supplies on account, $9,600. 5. July 15 Pay property taxes, $8,700. 6. September 18 Pay on accounts payable, $11,600. 7. October 31 Pay salaries, $125,600. 20 Issue shares of common stock in exchange for $29,000 cash. 8. November 9. December 30 Pay $3,000 cash dividends to stockholders. Insurance expired during the year is $7,200. Supplies remaining on hand at the end of the year equal $3,100. Provide services of $12,000 related to cash paid in advance by customers. es Journal entry worksitel < 8 ***** 9 10 Record the closing entry for revenue. Note: Enter debits before credits. Date December 31 Service Revenue Record entry 11 General Journal Clear entry e 12 Requirement 13 Debit 14 15 > Credit View general journal General Ledger 5 pok nt nces View transaction list Journal entry worksheet < 8 9 10 ****. Record the closing entry for expenses. Note: Enter debits before credits. Date December 31 Record entry 11 General Journal Clear entry 12 13 Debit 14 > 15 Credit View general journal k es View transaction list Journal entry worksheet < ***** 8 9 10 11 Record the closing entry for cash dividends. Note: Enter debits before credits. Date General Journal December 31 Clear entry Record entry 12 13 14 Debit 3,000 15 Credit 3,000 View general journal
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Zips Storage Journal Enteries 912021 1222021 Cash ac 2542021 Cash ac Adv... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259307959
4th edition
Authors: David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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