The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Credits Cash Debits $ 24,800 15,600 Accounts Receivable Prepaid Insurance Land 12,400 150,000 Accounts Payable Deferred Revenue Common Stock Retained Earnings $ 6,900 6,000 145,000 44,900 Totals $202,800 $202,800 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $136,100, and on account, $53,200. 12 Collect on accounts receivable, $51,700. 2. February 3. April 25 Receive cash in advance from customers, $13,100. 4. May 6 Purchase supplies on account, $9,600. 5. July 15 Pay property taxes, $8,700. 6. September 18 Pay on accounts payable, $11,600. 7. October 31 Pay salaries, $125,600. 20 Issue shares of common stock in exchange for $29,000 cash. 8. November 9. December 30 Pay $3,000 cash dividends to stockholders. Insurance expired during the year is $7,200. Supplies remaining on hand at the end of the year equal $3,100. Provide services of $12,000 related to cash paid in advance by customers. es Journal entry worksitel < 8 ***** 9 10 Record the closing entry for revenue. Note: Enter debits before credits. Date December 31 Service Revenue Record entry 11 General Journal Clear entry e 12 Requirement 13 Debit 14 15 > Credit View general journal General Ledger 5 pok nt nces View transaction list Journal entry worksheet < 8 9 10 ****. Record the closing entry for expenses. Note: Enter debits before credits. Date December 31 Record entry 11 General Journal Clear entry 12 13 Debit 14 > 15 Credit View general journal k es View transaction list Journal entry worksheet < ***** 8 9 10 11 Record the closing entry for cash dividends. Note: Enter debits before credits. Date General Journal December 31 Clear entry Record entry 12 13 14 Debit 3,000 15 Credit 3,000 View general journal