Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The general ledger of Zips Storage at January 1, 2018, includes the following account balances: Accounts Debits Credits Cash $ 25,100 Accounts Receivable 15,900 Prepaid

The general ledger of Zips Storage at January 1, 2018, includes the following account balances:

Accounts Debits Credits
Cash $ 25,100
Accounts Receivable 15,900
Prepaid Insurance 13,000
Land 153,000
Accounts Payable $ 7,200
Deferred Revenue 6,300
Common Stock 148,000
Retained Earnings 45,500
Totals $ 207,000 $ 207,000

The following is a summary of the transactions for the year:

a.January 9 Provide storage services for cash, $139,100, and on account, $54,700.

b.February 12 Collect on accounts receivable, $52,000.

c.April 25 Receive cash in advance from customers, $13,400.

d.May 6 Purchase supplies on account, $10,200.

e.July 15 Pay property taxes, $9,000.

f.September 10 Pay on accounts payable, $11,900.

g.September 10 Pay salaries, $128,600.

h.November 20 Issue shares of common stock in exchange for $32,000 cash.

i.December 30 Pay $3,300 cash dividends to stockholders.

Question:

1.Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts.

*This is all they give and those anwsers are what I have so far. They give very little info to work with.*

image text in transcribedimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

High Performance Cloud Auditing And Applications

Authors: Keesook J. Han, Baek-Young Choi, Sejun Song

1st Edition

1493944355, 978-1493944354

More Books

Students also viewed these Accounting questions