Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information 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.]
Required information 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 Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $24,800 Credits 15,600 12,400 150,000 $6,900 6,000 145,000 44,900 $202,800 $202,800 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $136,100, and on account, $53,200. Collect on accounts receivable, $51,700. Receive cash in advance from customers, $13,100. Purchase supplies on account, $9,600. Pay property taxes, $8,700. Pay on accounts payable, $11,600. Pay salaries, $125,600. Issue shares of common stock in exchange for $29,000 cash. Pay $3,000 cash dividends to stockholders. 4. Prepare an unadjusted trial balance. Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Property Tax Expense Salaries Expense Insurance Expense Supplies Expense Totals ZIPS STORAGE Unadjusted Trial Balance December 31, 2024 Debit Credit $ 0 $ 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started