ZIPS STORAGE Balance Sheet December 31, 2024 Liabilities Assets Current assets: Cash Current liabilities: $ 120,800 Salaries Expense Supplies Expense Total current liabilities 0 Stockholders' Equity Total current assets Long-term assets: 120,800 Land 165,000 Total stockholders' equity 0 Total assets $ 285,800 Total liabilities and stockholders' equity $ 0 Expenses: ZIPS STORAGE Income Statement For the Year Ended December 31, 2024 0 Total Expenses Required information Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.) 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 $26,300 Credits 17,100 15,400 165,000 $8,400 7,500 160,000 47,900 $223,800 $223,800 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, $151,100, and on account, $60,700. Collect on accounts receivable, $53,200. Receive cash in advance from customers, $14,600. Purchase supplies on account, $12,600. Pay property taxes, $10,200. Pay on accounts payable, $13,100. Pay salaries, $140,600. Issue shares of common stock in exchange for $44,000 cash. Pay $4,500 cash dividends to stockholders. Exercise 3-17 (Algo) Record closing entries (LO3-6) Brea Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31. Accounts Debit Credit Retained Earnings $25,000 Dividends $2,500 Service Revenue 45,000 Interest Revenue 5,500 Salaries Expense 14,500 Rent Expense 5,500 Advertising Expense 2,500 Insurance Expense 10,500 Interest Expense 4,500