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The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 25,500 Accounts Receivable 16,300 Prepaid

The general ledger of Zips Storage at January 1, 2021, includes the following account balances:

Accounts Debits Credits
Cash $ 25,500
Accounts Receivable 16,300
Prepaid Insurance 13,800
Land 157,000
Accounts Payable $ 7,600
Deferred Revenue 6,700
Common Stock 152,000
Retained Earnings 46,300
Totals $ 212,600 $ 212,600

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

1. January 9 Provide storage services for cash, $143,100, and on account, $56,700.
2. February 12 Collect on accounts receivable, $52,400.
3. April 25 Receive cash in advance from customers, $13,800.
4. May 6 Purchase supplies on account, $11,000.
5. July 15 Pay property taxes, $9,400.
6. September 10 Pay on accounts payable, $12,300.
7. October 31 Pay salaries, $132,600.
8. November 20 Issue shares of common stock in exchange for $36,000 cash.
9. December 30 Pay $3,700 cash dividends to stockholders.

Insurance expired during the year is $7,900. Supplies remaining on hand at the end of the year equal $3,800. Provide services of $12,700 related to cash paid in advance by customers.

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