Accounting Cycle #1 i Saved Help Sa 1 The general ledger of Zips Storage at January 1, 2018, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $ 25,400 16,200 13,600 156,000 100 points eBook $ 7,500 6,600 151,000 46,100 Print References 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 Purchase supplies on account, $10,800. e. July 15 Pay property taxes, $9,300. f. September 10 Pay on accounts payable, $12,200. g. October 31 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. The following information is available for the adjusting entries. 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. Each journal entry is posted automatically to the general ledger. Adjusted General Ledger Account Cash Accounts receivable Debit Credit Debit Credit Balance No. Date January 01 January 09 2 February 12 1 56,200 142,100 52,300 16,200 72,400 20,100 52,300 No. Date January 01 1 January 09 2 February 12 3 April 25 5 July 15 6 September 10 October 31 8 November 20 13,700 Balance 25,400 167,500 219,800 233,500 224,200 212,000 80,400 115,400 111,800 9,300 12,200 131,600 35,000 9 December 30 3,600 Supplies Prepaid insurance No. Date Debit Credit Balance No. Date Debit Credit Balance January 01 10 December 31 0 (10,800) (17,900) 13,600 5,800 4 May 06 11 December 31 7,800 10,800 7,100 Land Accounts payable No. Date Debit Credit Balance No. Date Debit Credit Balance January 01 156,000 January 01 6 September 10 7,500 (4,700) 12,200 Deferred revenue Common stock Debit Credit Date Debit Credit No. Date January 01 3 April 25 12 December 31 Balance 6,600 20,300 7,700 No. January 01 8 November 20 Balance 151,000 186,000 13,700 35,000 12,600 Retained earnings Dividends No. Date Debit Credit No. Date Debit Credit Balance Balance 46,100 January 01 9 December 30 3,600 3,600 Service revenue Supplies expense Debit Credit No. Date Debit Credit No. Date Balance 0 Balance 0 198,300 210,900 January 09 11 December 31 7,100 7,100 198,300 12,600 12 December 31 Salaries expense Debit Credit Property tax expense Debit Credit No. Date No. Date Balance Balance 0 131,600 0 7 October 31 131,600 5 July 15 9,300 9,300 Insurance expense No. Date Debit Credit Balance 0 10 December 31 7,800 7,800 Accounting Cycle #1 i Saved Help Sa 1 The general ledger of Zips Storage at January 1, 2018, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $ 25,400 16,200 13,600 156,000 100 points eBook $ 7,500 6,600 151,000 46,100 Print References 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 Purchase supplies on account, $10,800. e. July 15 Pay property taxes, $9,300. f. September 10 Pay on accounts payable, $12,200. g. October 31 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. The following information is available for the adjusting entries. 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. Each journal entry is posted automatically to the general ledger. Adjusted General Ledger Account Cash Accounts receivable Debit Credit Debit Credit Balance No. Date January 01 January 09 2 February 12 1 56,200 142,100 52,300 16,200 72,400 20,100 52,300 No. Date January 01 1 January 09 2 February 12 3 April 25 5 July 15 6 September 10 October 31 8 November 20 13,700 Balance 25,400 167,500 219,800 233,500 224,200 212,000 80,400 115,400 111,800 9,300 12,200 131,600 35,000 9 December 30 3,600 Supplies Prepaid insurance No. Date Debit Credit Balance No. Date Debit Credit Balance January 01 10 December 31 0 (10,800) (17,900) 13,600 5,800 4 May 06 11 December 31 7,800 10,800 7,100 Land Accounts payable No. Date Debit Credit Balance No. Date Debit Credit Balance January 01 156,000 January 01 6 September 10 7,500 (4,700) 12,200 Deferred revenue Common stock Debit Credit Date Debit Credit No. Date January 01 3 April 25 12 December 31 Balance 6,600 20,300 7,700 No. January 01 8 November 20 Balance 151,000 186,000 13,700 35,000 12,600 Retained earnings Dividends No. Date Debit Credit No. Date Debit Credit Balance Balance 46,100 January 01 9 December 30 3,600 3,600 Service revenue Supplies expense Debit Credit No. Date Debit Credit No. Date Balance 0 Balance 0 198,300 210,900 January 09 11 December 31 7,100 7,100 198,300 12,600 12 December 31 Salaries expense Debit Credit Property tax expense Debit Credit No. Date No. Date Balance Balance 0 131,600 0 7 October 31 131,600 5 July 15 9,300 9,300 Insurance expense No. Date Debit Credit Balance 0 10 December 31 7,800 7,800