Required information [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 $25,600 Credits 16,400 14,000 158,000 $7,700 6,800 153,000 46,500 $214,000 $214,000 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, $144,100, and on account, $57,200. Collect on accounts receivable, $52,500. Receive cash in advance from customers, $13,900. Purchase supplies on account, $11,200. Pay property taxes, $9,500. Pay on accounts payable, $12,400. Pay salaries, $133,600. Issue shares of common stock in exchange for $37,000 cash. Pay $3,800 cash dividends to stockholders. 11. Prepare a post-closing trial balance. Answer is not complete. ZIPS STORAGE Post-Closing Trial Balance December 31, 2024 Accounts Debit Credit ✓ $ 113,800 21,100 Cash Accounts Receivable Prepaid Insurance Supplies Land ☑ Accounts Payable ✓ Deferred Revenue ✓ Common Stock ✓ Retained Earnings 4,600 × 158,000 ✓ 6,500 ✓ 7,200 × 190,000 ✓ 100,500 x
Required information [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 $25,600 Credits 16,400 14,000 158,000 $7,700 6,800 153,000 46,500 $214,000 $214,000 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, $144,100, and on account, $57,200. Collect on accounts receivable, $52,500. Receive cash in advance from customers, $13,900. Purchase supplies on account, $11,200. Pay property taxes, $9,500. Pay on accounts payable, $12,400. Pay salaries, $133,600. Issue shares of common stock in exchange for $37,000 cash. Pay $3,800 cash dividends to stockholders. 11. Prepare a post-closing trial balance. Answer is not complete. ZIPS STORAGE Post-Closing Trial Balance December 31, 2024 Accounts Debit Credit ✓ $ 113,800 21,100 Cash Accounts Receivable Prepaid Insurance Supplies Land ☑ Accounts Payable ✓ Deferred Revenue ✓ Common Stock ✓ Retained Earnings 4,600 × 158,000 ✓ 6,500 ✓ 7,200 × 190,000 ✓ 100,500 x
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 14P: Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following...
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![Required information
[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
$25,600
Credits
16,400
14,000
158,000
$7,700
6,800
153,000
46,500
$214,000 $214,000
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, $144,100, and on account, $57,200.
Collect on accounts receivable, $52,500.
Receive cash in advance from customers, $13,900.
Purchase supplies on account, $11,200.
Pay property taxes, $9,500.
Pay on accounts payable, $12,400.
Pay salaries, $133,600.
Issue shares of common stock in exchange for $37,000 cash.
Pay $3,800 cash dividends to stockholders.
11. Prepare a post-closing trial balance.
Answer is not complete.
ZIPS STORAGE
Post-Closing Trial Balance
December 31, 2024
Accounts
Debit
Credit
✓ $
113,800
21,100
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Land
☑
Accounts Payable
✓
Deferred Revenue
✓
Common Stock
✓
Retained Earnings
4,600 ×
158,000 ✓
6,500 ✓
7,200 ×
190,000 ✓
100,500 x](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbaed3aee-ccd0-401a-b1d0-d2ccfb55b2b0%2F00388488-57f8-46a0-871f-1a46233ba239%2Fw0zpevp_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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
$25,600
Credits
16,400
14,000
158,000
$7,700
6,800
153,000
46,500
$214,000 $214,000
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, $144,100, and on account, $57,200.
Collect on accounts receivable, $52,500.
Receive cash in advance from customers, $13,900.
Purchase supplies on account, $11,200.
Pay property taxes, $9,500.
Pay on accounts payable, $12,400.
Pay salaries, $133,600.
Issue shares of common stock in exchange for $37,000 cash.
Pay $3,800 cash dividends to stockholders.
11. Prepare a post-closing trial balance.
Answer is not complete.
ZIPS STORAGE
Post-Closing Trial Balance
December 31, 2024
Accounts
Debit
Credit
✓ $
113,800
21,100
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Land
☑
Accounts Payable
✓
Deferred Revenue
✓
Common Stock
✓
Retained Earnings
4,600 ×
158,000 ✓
6,500 ✓
7,200 ×
190,000 ✓
100,500 x
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