how do I find the closing entries for revenue, expense and dividend with the given information above?
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 25,700 16,500 14,200 159,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7,800 6,900 154,000 46,700 $215,400 $215, 400 s The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $145, 100, and on account, $57,700. 2. February 12 Collect on accounts receivable, $52,600. 3. April 25 Receive cash in advance from customers, $14,000. 4. May 6 Purchase supplies on account, $11,400. 5. July 15 Pay property taxes, $9,600. 6. September 10 Pay on accounts payable, $12,500. 7. October 31 Pay salaries, $134,600. 8. November 20 Issue shares of common stock in exchange for $38,000 cash. 9. December 30 Pay $3,900 cash dividends to stockholders. Insurance expired during the year is $8,100. Supplies remaining on hand at the end of the year equal $4,000. Provide services of $12,900 related to cash paid in advance by customers. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Journal entry worksheet Record the closing entry for revenue. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Adjusted General Ledger Account Cash Accounts Receivable No. Date Debit Credit No. Date Debit Credit Balance 16,500 74,200 21,600 January 01 1 January 09 2 February 12 145, 100 52,600 14,000 57,700 52,600 January 01 1 January 09 2 February 12 3 April 25 5 July 15 6 September 10 7 October 31 8 November 20 9 December 30 Balance 25,700 170,800 223,400 237,400 227,800 215,300 80,700 118,700 114,800 9,600 12,500 134,600 38,000 3,900 Supplies Prepaid Insurance No. Date Debit Credit Balance No. Date Debit Credit Balance 0 January 01 4 May 06 11 December 31 January 01 10 December 31 14,200 6,100 11,400 11,400 8,100 7,400 4,000 Land Accounts Payable No. Date Debit Credit Balance No. Date Debit Credit Balance 7,800 January 01 159,000 January 01 Deferred Revenue Common Stock Debit Credit Debit Credit No. Date January 01 3 April 25 12 December 31 Balance 6,900 20,900 8,000 No. Date January 01 8 November 20 Balance 154,000 192,000 14,000 38,000 12,900 Retained Earnings Dividends No. Debit Credit Debit Credit Balance Date January 01 Balance 46,700 No. Date January 01 9 December 30 0 3,900 3,900 Service Revenue Supplies Expense Debit Credit Debit Credit No. Date January 01 1 January 09 12 December 31 Balance 0 202,800 215,700 No. Date January 01 11 December 31 Balance 0 7,400 7,400 202,800 12,900 Salaries Expense Debit Credit Property Tax Expense Debit Credit No. Date Balance No. Date January 01 7 October 31 Balance 0 0 134,600 0 January 01 July 15 134,600 5 9,600 9,600 Insurance Expense No. Date Debit Credit Balance Tannnn1 n Service Revenue Supplies Expense No. Date Debit Credit Balance No. Date Debit Credit Balance 0 January 01 0 January 01 1 January 09 12 December 31 11 December 31 7,400 7,400 202,800 12,900 202,800 215,700 Salaries Expense Property Tax Expense No. Date Debit Credit Balance No. Date Debit Credit Balance January 01 0 0 January 01 July 15 7 October 31 134,600 134,600 5 9,600 9,600 Insurance Expense No. Date Debit Credit Balance January 01 0 10 December 31 8,100 8,100 Journal entry worksheet
