Adjustments 

Insurance expired during the year is $7,900.

Supplies remaining on hand at the end of the year equal $3,800. 

Provide services of $12,700 related to cash paid in advance by customers.

 Record the adjusting entries.

Transcribed Image Text:

The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Credits Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $25,500 16,300 13,800 157,000 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 $7,600 6,700 152,000 46,300 $212,600 $212,600 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 Provide storage services for cash, $143,100, and on account, $56,700. Collect on accounts receivable, $52,400. Receive cash in advance from customers, $13,800. Purchase supplies on account, $11,000. Pay property taxes, $9,400. Pay on accounts payable, $12,300. Pay salaries, $132,600. Issue shares of common stock in exchange for $36,000 cash. Pay $3,700 cash dividends to stockholders. The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Credits Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $25,500 16,300 13,800 157,000 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 $7,600 6,700 152,000 46,300 $212,600 $212,600 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 Provide storage services for cash, $143,100, and on account, $56,700. Collect on accounts receivable, $52,400. Receive cash in advance from customers, $13,800. Purchase supplies on account, $11,000. Pay property taxes, $9,400. Pay on accounts payable, $12,300. Pay salaries, $132,600. Issue shares of common stock in exchange for $36,000 cash. Pay $3,700 cash dividends to stockholders.

Answer rating: 100% (QA)

1 Adrusting entry to record the Insurance expense 2 3 In ... View the full answer