Question: Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger
Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
[The following information applies to the questions displayed below.]
The general ledger of Zips Storage at January 1, 2024, includes the following account balances:
| Accounts | Debits | Credits |
|---|---|---|
| Cash | $25,600 | |
| Accounts Receivable | 16,400 | |
| Prepaid Insurance | 14,000 | |
| Land | 158,000 | |
| Accounts Payable | $7,700 | |
| Deferred Revenue | 6,800 | |
| Common Stock | 153,000 | |
| Retained Earnings | 46,500 | |
| Totals | $214,000 | $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. |
|---|---|
| 2. February 12 | Collect on accounts receivable, $52,500. |
| 3. April 25 | Receive cash in advance from customers, $13,900. |
| 4. May 6 | Purchase supplies on account, $11,200. |
| 5. July 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. |
Problem 3-9A (Algo) Part 4
4. Prepare an unadjusted trial balance.
| ZIPS STORAGE | ||
| Unadjusted Trial Balance | ||
| December 31, 2024 | ||
| Accounts | Debit | Credit |
| Cash | ||
| Accounts Receivable | ||
| Prepaid Insurance | 14,000 selected answer correct | |
| Supplies | 11,200 selected answer correct | |
| Land | 158,000 selected answer correct | |
| Accounts Payable | ||
| Deferred Revenue | ||
| Common Stock | ||
| Retained Earnings | ||
| Dividends | ||
| Service Revenue | ||
| Property Tax Expense | 9,500selected answer correct | |
| Salaries Expense | 133,600selected answer correct | |
| Insurance Expense | ||
| Supplies Expense | ||
| Totals | ||
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