Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, Includes the following
Required information [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 $26,100 Credits 16,900 15,000 163,000 $8,200 7,300 158,000 47,500 $221,000 $221,000 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, $149,100, and on account, $59,700. Collect on accounts receivable, $53,000. Receive cash in advance from customers, $14,400. Purchase supplies on account, $12,200. Pay property taxes, $10,000. Pay on accounts payable, $12,900. Pay salaries, $138,600. Issue shares of common stock in exchange for $42,000 cash. Pay $4,300 cash dividends to stockholders. 11. Prepare a post-closing trial balance. ZIPS STORAGE Post-Closing Trial Balance December 31, 2024 Accounts Debit Credit Totals $ 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