The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 26,400 17,200 15,600 166,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,500 7,600 161,000 48,100 $225, 200 $225, 200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $152,100, and on account, $61,200. 2. February 12 Collect on accounts receivable, $53,300. 3. April 25 Receive cash in advance from customers, $14,700. 4. May 6 Purchase supplies on account, $12,800. 5. July 15 Pay property taxes, $10,300. 6. September 10 Pay on accounts payable, $13,200. 7. October 31 Pay salaries, $141,600. 8. November 20 Issue shares of common stock in exchange for $45,000 cash. 9. December 30 Pay $4,600 cash dividends to stockholders. Required information The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Credits cash Debits $ 26,400 17,200 15,600 166,000 Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,500 7,600 161,000 48, 100 $225, 200 $225,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $152,100, and on account, $61,200. 2. February 12 Collect on accounts receivable, $53,300. 3. April 25 Receive cash in advance from customers, $14,700. 4. May 6 6 Purchase supplies on account, $12,800. 5. July 15 Pay property taxes, $10,300. 6. September 10 Pay on accounts payable, $13,200. 7. October 31 Pay salaries, $141,600. 8. November 20 Issue shares of common stock in exchange for $45,000 cash. 9. December 30 Pay $4,600 cash dividends to stockholders. 1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. 1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Cash Accounts Receivable 26,400 Beg. Bal. 17,200 Beg. Bal. 1. 152,100 45,000 53,300 2. End. Bal. 223,500 End. Bal. 36,100 Supplies Prepaid Insurance 15,600 Beg. Bal. Beg. Bal. 12,800 End. Bal. 15,600 End. Bal. 12,800 Land Accounts Payable Beg. Bal. 166,000 Beg. Bal. 6. 13,200 Lilu. vai. TUUUU Liu. Dar 1 Common Stock Beg. Bal. Deferred Revenue 7,600 14,700 3. Beg. Bal. 161,000 End. Bal. 22,300 End. Bal. 161,000 Service Revenue Retained Earnings 48,100 Beg. Bal. Beg. Bal. End. Bal. 48,100 End. Bal. Dividends Property Tax Expense Beg. Bal. Beg. Bal. 9. 4,600 10,300 End. Bal. 4,600 End. Bal. 10,300 Salaries Expense Insurance Expense Beg. Bal. Beg. Bal. 7. 141,600 End. Bal. 141,600 End. Bal. Supplies Expense Beg. Bal. End. Bal. The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 26,400 17,200 15,600 166,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,500 7,600 161,000 48,100 $225, 200 $225, 200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $152,100, and on account, $61,200. 2. February 12 Collect on accounts receivable, $53,300. 3. April 25 Receive cash in advance from customers, $14,700. 4. May 6 Purchase supplies on account, $12,800. 5. July 15 Pay property taxes, $10,300. 6. September 10 Pay on accounts payable, $13,200. 7. October 31 Pay salaries, $141,600. 8. November 20 Issue shares of common stock in exchange for $45,000 cash. 9. December 30 Pay $4,600 cash dividends to stockholders. Required information The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Credits cash Debits $ 26,400 17,200 15,600 166,000 Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,500 7,600 161,000 48, 100 $225, 200 $225,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $152,100, and on account, $61,200. 2. February 12 Collect on accounts receivable, $53,300. 3. April 25 Receive cash in advance from customers, $14,700. 4. May 6 6 Purchase supplies on account, $12,800. 5. July 15 Pay property taxes, $10,300. 6. September 10 Pay on accounts payable, $13,200. 7. October 31 Pay salaries, $141,600. 8. November 20 Issue shares of common stock in exchange for $45,000 cash. 9. December 30 Pay $4,600 cash dividends to stockholders. 1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. 1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. Cash Accounts Receivable 26,400 Beg. Bal. 17,200 Beg. Bal. 1. 152,100 45,000 53,300 2. End. Bal. 223,500 End. Bal. 36,100 Supplies Prepaid Insurance 15,600 Beg. Bal. Beg. Bal. 12,800 End. Bal. 15,600 End. Bal. 12,800 Land Accounts Payable Beg. Bal. 166,000 Beg. Bal. 6. 13,200 Lilu. vai. TUUUU Liu. Dar 1 Common Stock Beg. Bal. Deferred Revenue 7,600 14,700 3. Beg. Bal. 161,000 End. Bal. 22,300 End. Bal. 161,000 Service Revenue Retained Earnings 48,100 Beg. Bal. Beg. Bal. End. Bal. 48,100 End. Bal. Dividends Property Tax Expense Beg. Bal. Beg. Bal. 9. 4,600 10,300 End. Bal. 4,600 End. Bal. 10,300 Salaries Expense Insurance Expense Beg. Bal. Beg. Bal. 7. 141,600 End. Bal. 141,600 End. Bal. Supplies Expense Beg. Bal. End. Bal
