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1. The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the transactions for
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The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $141,100, and on account, $55,700. 2. February 12 Collect on accounts receivable, $52,200. 3. April 25 Receive cash in advance from customers, $13,600. 4. May 6 Purchase supplies on account, $10,600. 5. July 15 Pay property taxes, $9,200. 6. September 10 Pay on accounts payable, $12,100. 7. October 31 Pay salaries, $130,600. 8. November 20 Issue shares of common stock in exchange for $34,000 cash. 9. December 30 Pay $3,500 cash dividends to stockholders. Insurance expired during the year is $7,700. Supplies remaining on hand the end of the year equal $3,600. Provide services of $12,500 related to cash paid in advance by customers. Answer is not complete. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Answer is not complete. The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on th balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selectionStep by Step Solution
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