Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits Credits $ 25,888 16,600 14,400 160,000 $ 7,900 7,000 155,000 46,900 $216,800 $216,808 aces The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $146, 100, and on account, $58,200. 2. February 12 collect on accounts receivable, $52,700. 3. April 25 Receive cash in advance from customers, $14,100. 4. May 6 Purchase supplies on account, $11,600. 5. July 15 Pay property taxes, 59,700. 6. September 10 Pay on accounts payable, $12,600. 7. October 31 Pay salaries, $135,600. 8. Novenber 20 Issue shares of common stock in exchange for $39,000 cash. 9. December 30 pay $4,000 cash dividends to stockholders. Insurance expired during the year is $8,200. Supplies remaining on hand at the end of the year equal $4,100. Provide services of $13,000 related to cash paid in advance by customers, General General Requirement Journal Income Ledger Trial Balance Statement Balance Sheet Each Journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Post-closing General Ledaer Account
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started