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Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general
Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash $25,600 Accounts Receivable 16,400 Prepaid Insurance 14,000 Land 158,000 Accounts Payable $7,700 Deferred Revenue 6,800 Common Stock 153,000 Retained Earnings 46,500 Totals $214,000 $214,000 The following is a summary of the transactions for the year: 1. January 9 Provide 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 storage services for cash, $144,100, and on account, $57,200. Collect on accounts receivable, $52,500. Receive cash in advance from customers, $13,900. Purchase supplies on account, $11,200. Pay property taxes, $9,500. Pay on accounts payable, $12,400. Pay salaries, $133,600. Issue shares of common stock in exchange for $37,000 cash. Pay $3,800 cash dividends to stockholders. Problem 3-9A (Algo) Part 9 9. Record closing entries. (If no entry is required for a particular transaction/event, Select "No Journal Entry Required" in the first account field.)
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