Required information Problem 3-9A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) 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 $ 25,100 15,900 13,000 153,000 Credits $ 7,200 6,300 148,000 45,500 $207,000 $207,000 The following is a summary of the transactions for the year: 9 Provide storage services for cash, $139, 100, and on account, $54,700. 12 Collect on accounts receivable, $52,000. 25 Receive cash in advance from customers, $13,400. 1. January 2. February 3. April 4. May 6 Purchase supplies on account, $10,200. 5. July 15 Pay property taxes, $9,000. 6. September 10 Pay on accounts payable, $11,900. 7. October 31 Pay salaries, $128,600. 8. November 20 Issue shares of common stock in exchange for $32,000 cash. 9. December 30 Pay $3,300 cash dividends to stockholders.
Required information Problem 3-9A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) 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 $ 25,100 15,900 13,000 153,000 Credits $ 7,200 6,300 148,000 45,500 $207,000 $207,000 The following is a summary of the transactions for the year: 9 Provide storage services for cash, $139, 100, and on account, $54,700. 12 Collect on accounts receivable, $52,000. 25 Receive cash in advance from customers, $13,400. 1. January 2. February 3. April 4. May 6 Purchase supplies on account, $10,200. 5. July 15 Pay property taxes, $9,000. 6. September 10 Pay on accounts payable, $11,900. 7. October 31 Pay salaries, $128,600. 8. November 20 Issue shares of common stock in exchange for $32,000 cash. 9. December 30 Pay $3,300 cash dividends to stockholders.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 7SEB: JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a...
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