Question
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.*
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