! Required information The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 26, 200 17,000 15, 200 164,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,300 7,400 159,000 47,700 $222,400 $222,400 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $150, 100, and on account, $60,200. 2. February 12 Collect on accounts receivable, $53, 100. 3. April 25 Receive cash in advance from customers, $14,500. 4. May 6 Purchase supplies on account, $12,400. 5. July 15 Pay property taxes, $10,100. 6. September 10 Pay on accounts payable, $13,000. 7. October 31 Pay salaries, $139,600. 8. November 20 Issue shares of common stock in exchange for $43,000 cash. 9. December 30 Pay $4,400 cash dividends to stockholders. 1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Cash Accounts Receivable Beg. Bal. Beg. Bal. 17,000 1. 26,200 150,100 53,100 6. 60,200 53,100 2. 13,000 139,600 4,400 7. 3. 9. 14,500 43,000 8. 10,100 5. End. Bal. 119,800 End. Bal. 24,100 Supplies Prepaid Insurance 15,200 Beg. Bal. Beg. Bal. 0 12,400 End. Bal. 15,200 End. Bal. 12,400 Land Beg. Bal. 164,000 Beg. Bal. Accounts Payable 0 8,300 13,000 12,400 End. Bal. 164,000 End. Bal. 7,700 Deferred Revenue Common Stock Beg. Bal. 8,500 X Beg. Bal. 159,000 43,000 End. Bal. 8,500 End. Bal. 202,000 Service Revenue Retained Earnings 47,700 Beg. Bal. Beg. Bal. 217,700 X 150,100 60,200 End. Bal. 47,700 End. Bal. 7,400 Dividends Property Tax Expense 10,100 Beg. Bal. 4,400 Beg. Bal. End. Bal. 4,400 End. Bal. 10,100 Salaries Expense 139,600 Insurance Expense 8,600 Beg. Bal. Beg. Bal. End. Bal. 139,600 End. Bal. 8,600 Supplies Expense 7,900 X Beg. Bal. End. Bal. 7,900