Question: Help needed in completing T-account problem! Thanks. The general ledger of Zips Storage at January 1, 2018, includes the following account balances: Debits Credits 25,400
Help needed in completing T-account problem! Thanks.


The general ledger of Zips Storage at January 1, 2018, includes the following account balances: Debits Credits 25,400 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings 156,000 $ 7,500 6,600 151,000 46,100 Totals $211,200 $211,200 The following is a summary of the transactions for the year: a. January 9 Provide storage services for cash, $142,100, and on account, $56,200. b. February 12 Collect on accounts receivable, $52,300. c. April 25 Receive cash in advance from customers, $13,700 d. May 6 Purchase supplies on account, $10,800. e. July 15 Pay property taxes, $9,300. f. September 10 Pay on accounts payable, $12,200. g. September 10 Pay salaries, $131,600. h. November 20 Issue shares of common stock in exchange for $35,000 cash. i. December 30 Pay $3,600 cash dividends to stockholders j. Insurance expired during the year is $7,800. Supplies remaining on hand at the end of the year equal $3,700. Provide services of $12,600 related to cash paid in advance by customers
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
