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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.
entry worksheet
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