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[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
[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 | $26,300 | |
Accounts Receivable | 17,100 | |
Prepaid Insurance | 15,400 | |
Land | 165,000 | |
Accounts Payable | $8,400 | |
Deferred Revenue | 7,500 | |
Common Stock | 160,000 | |
Retained Earnings | 47,900 | |
Totals | $223,800 | $223,800 |
The following is a summary of the transactions for the year:
1. January 9 | Provide storage services for cash, $151,100, and on account, $60,700. |
---|---|
2. February 12 | Collect on accounts receivable, $53,200. |
3. April 25 | Receive cash in advance from customers, $14,600. |
4. May 6 | Purchase supplies on account, $12,600. |
5. July 15 | Pay property taxes, $10,200. |
6. September 10 | Pay on accounts payable, $13,100. |
7. October 31 | Pay salaries, $140,600. |
8. November 20 | Issue shares of common stock in exchange for $44,000 cash. |
9. December 30 | Pay $4,500 cash dividends to stockholders. |
7. Prepare an adjusted trial balance.
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