Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed

The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $26,600 Credits 17,400 16,000 168,000 $8,700 7,800 163,000 48,500 $228,000 $228,000 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, $154,100, and on account, $62,200. Collect on accounts receivable, $53,500. Receive cash in advance from customers, $14,900. Purchase supplies on account, $13,200. Pay property taxes, $10,500. Pay on accounts payable, $13,400. Pay salaries, $143,600. Issue shares of common stock in exchange for $47,000 cash. Pay $4,800 cash dividends to stockholders. Insurance expired during the year is $9,000. Supplies remaining on hand at the end of the year equal $4,900. Provide services of $13,800 related to cash paid in advance by customers. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Answer Here are the journal entries for the transactions provided 1 January ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: David Spiceland, Wayne Thomas, Don Herrmann

4th edition

1259307956, 978-1259307959

More Books

Students also viewed these Accounting questions