Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The general ledger of Zips Storage at January 1, 2024, Includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable
The general ledger of Zips Storage at January 1, 2024, Includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Debits $24,700 Credits 15,500 12,200 149,000 $6,800 5,900 Deferred Revenue Common Stock Retained Earnings Totals 144,000 44,700 $201,400 $201,400 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, $135, 100, and on account, $52,700. Collect on accounts receivable, $51,600. Receive cash in advance from customers, $13,000. Purchase supplies on account, $9,400. Pay property taxes, $8,600. Pay on accounts payable, $11,500. Pay salaries, $124,600. Issue shares of common stock in exchange for $28,000 cash. Pay $2,900 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, Debit Beginning Balance Ending Balance Cash Credit Accounts Receivable Debit Credit Beginning Balance Ending Balance Prepaid Insurance Supplies Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Beginning Balance Ending Balance Land Accounts Payable Debit Credit Debit Credit Beginning Balance Ending Balance Deferred Revenue Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Retained Earnings Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Dividends Property Tax Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Salaries Expense Insurance Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Supplies Expense Debit Credit Beginning Balance Enrinn Ralance Ending Balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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