The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Cash
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The general ledger of Zips Storage at January 1, 2021, includes the following account balances:
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Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $ 26,100 16,900 15,000 163,000 Credits $ 8,200 7,300 158,000 47,500 $221,000 $221,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $149, 100, and on account, $59,700. 2. February 3. April 4. May 5. July 6. September 7. October 8. November 20 Issue shares of common stock in exchange for $42,000 cash. 9. December 30 Pay $4,300 cash dividends to stockholders. 12 Collect on accounts receivable, $53,000. 25 Receive cash in advance from customers, $14,400. 6 Purchase supplies on account, $12,200. 15 Pay property taxes, $10,000. 10 Pay on accounts payable, $12,900. 31 Pay salaries, $138,600. Insurance expired during the year is $8,500. Supplies remaining on hand at the end of the year equal $4,400. Provide services of $13,300 related to cash paid in advance by customers. Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $ 26,100 16,900 15,000 163,000 Credits $ 8,200 7,300 158,000 47,500 $221,000 $221,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $149, 100, and on account, $59,700. 2. February 3. April 4. May 5. July 6. September 7. October 8. November 20 Issue shares of common stock in exchange for $42,000 cash. 9. December 30 Pay $4,300 cash dividends to stockholders. 12 Collect on accounts receivable, $53,000. 25 Receive cash in advance from customers, $14,400. 6 Purchase supplies on account, $12,200. 15 Pay property taxes, $10,000. 10 Pay on accounts payable, $12,900. 31 Pay salaries, $138,600. Insurance expired during the year is $8,500. Supplies remaining on hand at the end of the year equal $4,400. Provide services of $13,300 related to cash paid in advance by customers.
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The detailed answer for the above question is provided below Prepare Income statement as follows Zips Storage Income statement For the year Ended December 31 2021 Revenues Service revenue 1491005970013300 222100 Less Expenses Salaries expense 138600 Insurance expense 8500 Supplies expense 122004400 7800 Property tax expense 10000 Total operating expense 164900 Net Income 57200 Prepare statement of Retained Earnings as follows Statement of Retained Earnings Beginning bal 47500 Add Net Income 57200 Less Dividend 4300 Ending bal 100400 Prepare Balance Sheet as follows Zip ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259307959
4th edition
Authors: David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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