Check my work The general ledger of Zips Storage at January 1, 2018, includes the following account balances: Accounts Debits Credits Cash $ 25,300 Accounts Receivable 16,100 Prepaid Insurance 13,400 Land 155,000 Accounts Payable $ 7,400 Deferred Revenue 6,500 Common Stock 150,000 Retained Earnings 45,900 Totals $209,800 $209,800 The following is a summary of the transactions for the year: a. January 9 Provide storage services for cash, $141,100, and on account, $55,700. b. February 12 Collect on accounts receivable, $52,200. C. April 25 Receive cash in advance from customers, $13,600. d. May 6 Purchase supplies on account, $10,600. e. July 15 Pay property taxes, $9,200. f. September 10 Pay on accounts payable, $12,100. g. October 31 Pay salaries, $130,600. The following is a summary of the transactions for the year: a. January 9 Provide storage services for cash $141,100, and on account, $55,700. b. February 12 Collect on accounts receivable, $52,200. c. April 25 Receive cash in advance from customers, $13,600. d. May 6 Purchase supplies on account, $10,600. e. July 15 Pay property taxes, $9,200. f. September 10 Pay on accounts payable, $12,100. g. October 31 Pay salaries, $130,600. h. November 20 Issue shares of common stock in exchange for $34,000 cash. i. December 30 Pay $3,500 cash dividends to stockholders. The following information is available for the adjusting entries. Insurance expired during the year is $7,700. Supplies remaining on hand at the end of the year equal $3,600. Provide services of $12,500 related to cash paid in advance by customers. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Journal entry worksheet 8 10 13 15 > Prepare the adjusting entry for insurance. Note: Enter debits before credits. Debit Credit Date December 31 General Journal Insurance expense Prepaid insurance 7,700 7.700 Record entry Clear entry View general journal .... 14 16 Prepare the adjusting entry for supplies. Note: Enter debits before credits. Credit Date December 31 General Journal Supplies expense Supplies Debit 7,000 7,000 Journal entry worksheet Prepare the adjusting entry for revenue earned. Credit Note: Enter debits before credits. Date General Journal December 31 Deferred revenue Service revenue Debit 12,500 12,500 Record entry Clear entry View general journal Journal entry worksheet 15 Prepare the closing entry for expenses. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Property tax expense Insurance expense Salaries expense Supplies expense 9,200 5,700 130,600 7,000 Record entry Clear entry View general journal Journal entry worksheet Prepare the closing entry for cash dividends. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Retained earnings Dividends Record entry Clear entry View general journal