GL 2-13 (Algo) Complete the full accounting cycle (LO2-3, 2-4, 2-5, 2-6, 2-7,2-8) The general ledger...
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GL 2-13 (Algo) Complete the full accounting cycle (LO2-3, 2-4, 2-5, 2-6, 2-7,2-8) The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $ 24,900 15,700 Credits 12,600 151,000 $ 7,000 6,100 146,000 45,100 $ 204,200 $ 204,200 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $137,100, and on account, $53,700. Collect on accounts receivable, $51,800. Receive cash in advance from customers, $13,200. Purchase supplies on account, $9,800. Pay property taxes, $8,800. Pay on accounts payable, $11,700. Pay salaries, $126,600. Issue shares of common stock in exchange for $30,000 cash. Pay $3,100 cash dividends to stockholders. Insurance expired during the year is $7,300. Supplies remaining on hand at the end of the year equal $3,200. Provide services of $12,100 related to cash paid in advance by customers. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. GL 2-13 (Algo) Complete the full accounting cycle (LO2-3, 2-4, 2-5, 2-6, 2-7,2-8) The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $ 24,900 15,700 Credits 12,600 151,000 $ 7,000 6,100 146,000 45,100 $ 204,200 $ 204,200 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $137,100, and on account, $53,700. Collect on accounts receivable, $51,800. Receive cash in advance from customers, $13,200. Purchase supplies on account, $9,800. Pay property taxes, $8,800. Pay on accounts payable, $11,700. Pay salaries, $126,600. Issue shares of common stock in exchange for $30,000 cash. Pay $3,100 cash dividends to stockholders. Insurance expired during the year is $7,300. Supplies remaining on hand at the end of the year equal $3,200. Provide services of $12,100 related to cash paid in advance by customers. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
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