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The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 26,600 Accounts Receivable 17,400 Prepaid
The general ledger of Zips Storage at January 1, 2021, includes the following account balances:
Accounts | Debits | Credits | |||||
Cash | $ | 26,600 | |||||
Accounts Receivable | 17,400 | ||||||
Prepaid Insurance | 16,000 | ||||||
Land | 168,000 | ||||||
Accounts Payable | $ | 8,700 | |||||
Deferred Revenue | 7,800 | ||||||
Common Stock | 163,000 | ||||||
Retained Earnings | 48,500 | ||||||
Totals | $ | 228,000 | $ | 228,000 | |||
The following is a summary of the transactions for the year:
1. | January | 9 | Provide storage services for cash, $154,100, and on account, $62,200. | |||
2. | February | 12 | Collect on accounts receivable, $53,500. | |||
3. | April | 25 | Receive cash in advance from customers, $14,900. | |||
4. | May | 6 | Purchase supplies on account, $13,200. | |||
5. | July | 15 | Pay property taxes, $10,500. | |||
6. | September | 10 | Pay on accounts payable, $13,400. | |||
7. | October | 31 | Pay salaries, $143,600. | |||
8. | November | 20 | Issue shares of common stock in exchange for $47,000 cash. | |||
9. | December | 30 | Pay $4,800 cash dividends to stockholders. |
11. Prepare a post-closing trial balance.
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