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The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash $25,800 Accounts Receivable 16,600 Prepaid Insurance
The general ledger of Zips Storage at January 1, 2024, includes the following account balances:
Accounts | Debits | Credits |
---|---|---|
Cash | $25,800 | |
Accounts Receivable | 16,600 | |
Prepaid Insurance | 14,400 | |
Land | 160,000 | |
Accounts Payable | $7,900 | |
Deferred Revenue | 7,000 | |
Common Stock | 155,000 | |
Retained Earnings | 46,900 | |
Totals | $216,800 | $216,800 |
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, $9,700. |
6. September 10 | Pay on accounts payable, $12,600. |
7. October 31 | Pay salaries, $135,600. |
8. November 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.
9. December 30 Pay $4,0 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 $13,000 related to cash paid in advance by customers. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 9 ). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 10 to 12). 3. Review the adjusted 'Trial Balance' as of December 31, 2024. 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2024 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13 to 15 ). The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $146,100, and on account, $58,200. Collect on accounts receivable, $52,700. Receive cash in advance from customers, $14,100. Purchase supplies on account, $11,600. Pay property taxes, $9,700. Pay on accounts payable, $12,600. Pay salaries, $135,600. Issue shares of common stock in exchange for $39,000 cash. Pay $4,00 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 customersStep by Step Solution
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