Question: Required information Problem 3-9A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of Zips Storage at January 1, 2021, includes



Required information Problem 3-9A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 26,300 17,100 15,400 165,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,400 7,500 160,000 47,900 $223,800 $223,800 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $151,100, and on account, $60,700. 2. February 12 Collect on accounts receivable, $53,200. 3. April 25 Receive cash in advance from customers, $14,600. 4. May 6 Purchase supplies on account, $12,600. 5. July 15 Pay property taxes, $10,200. 6. September 10 Pay on accounts payable, $13,100. 7. October 31 Pay salaries, $140,600. 8. November 20 Issue shares of common stock in exchange for $44,000 cash. 9. December 30 pay $4,500 cash dividends to stockholders. Problem 3-9A Parts 1, 3, 6 and 10 1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Canh Accounts Recolvable Beg Bal Beg Bal End Bal End, Bal Prepaid Insurance Supplies Beg Bal Beg. Bal End. Bal End, Bal renunte wat Required information Land Accounts Payablo Beg Bal Beg. Bal. End. Bal End. Bal Deferred Revenue Common Stock Beg. Bal Bog. Bal End. Bal. End. Bal. Retained Earnings Service Revenue Beg. Bal Beg Bal.
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To complete the accounting cycle for Zips Storage we will create Taccounts and post the beginning balances the transactions and adjustingclosing entri... View full answer
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