! 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 $25,400 Credits 16,200 13,600 156,000 $7,500 6,600 151,000 46,100 $211,200 $211,200 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, $142,100, and on account, $56,200. Collect on accounts receivable, $52,300. Receive cash in advance from customers, $13,700. Purchase supplies on account, $10,800. Pay property taxes, $9,300. Pay on accounts payable, $12,200. Pay salaries, $131,600. Issue shares of common stock in exchange for $35,000 cash. Pay $3,600 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 Cash Credit Accounts Receivable Debit Credit Beginning Balance
! 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 $25,400 Credits 16,200 13,600 156,000 $7,500 6,600 151,000 46,100 $211,200 $211,200 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, $142,100, and on account, $56,200. Collect on accounts receivable, $52,300. Receive cash in advance from customers, $13,700. Purchase supplies on account, $10,800. Pay property taxes, $9,300. Pay on accounts payable, $12,200. Pay salaries, $131,600. Issue shares of common stock in exchange for $35,000 cash. Pay $3,600 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 Cash Credit Accounts Receivable Debit Credit Beginning Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
$25,400
Credits
16,200
13,600
156,000
$7,500
6,600
151,000
46,100
$211,200 $211,200
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, $142,100, and on account, $56,200.
Collect on accounts receivable, $52,300.
Receive cash in advance from customers, $13,700.
Purchase supplies on account, $10,800.
Pay property taxes, $9,300.
Pay on accounts payable, $12,200.
Pay salaries, $131,600.
Issue shares of common stock in exchange for $35,000 cash.
Pay $3,600 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
Cash
Credit
Accounts Receivable
Debit
Credit
Beginning Balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F13714532-2700-4b2e-b5ce-7f37f4464bb6%2Fcb15632a-c388-461a-996c-c35921160072%2Fecy9an_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
$25,400
Credits
16,200
13,600
156,000
$7,500
6,600
151,000
46,100
$211,200 $211,200
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, $142,100, and on account, $56,200.
Collect on accounts receivable, $52,300.
Receive cash in advance from customers, $13,700.
Purchase supplies on account, $10,800.
Pay property taxes, $9,300.
Pay on accounts payable, $12,200.
Pay salaries, $131,600.
Issue shares of common stock in exchange for $35,000 cash.
Pay $3,600 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
Cash
Credit
Accounts Receivable
Debit
Credit
Beginning Balance
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