[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 Debits Credits Cash $24,600 Accounts Receivable 15,400 Prepaid Insurance 12,000 Land 148,000 Accounts Payable $6,700 Deferred Revenue 5,800 Common Stock 143,000 Retained Earnings 44,500 Totals $200,000 $200,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $134,100, and on account, $52,200. 2. February 12 Collect on accounts receivable, $51,500. 3. April 25 Receive cash in advance from customers, $12,900. 4. May 6 Purchase supplies on account, $9,200. 5. July 15 Pay property taxes, $8,500. 6. September 10 Pay on accounts payable, $11,400. 7. October 31 Pay salaries, $123,600. 8. November 20 Issue shares of common stock in exchange for $27,000 cash. 9. December 30 Pay $2,800 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.
[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 Debits Credits Cash $24,600 Accounts Receivable 15,400 Prepaid Insurance 12,000 Land 148,000 Accounts Payable $6,700 Deferred Revenue 5,800 Common Stock 143,000 Retained Earnings 44,500 Totals $200,000 $200,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $134,100, and on account, $52,200. 2. February 12 Collect on accounts receivable, $51,500. 3. April 25 Receive cash in advance from customers, $12,900. 4. May 6 Purchase supplies on account, $9,200. 5. July 15 Pay property taxes, $8,500. 6. September 10 Pay on accounts payable, $11,400. 7. October 31 Pay salaries, $123,600. 8. November 20 Issue shares of common stock in exchange for $27,000 cash. 9. December 30 Pay $2,800 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.
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process
Section: Chapter Questions
Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...
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Question
[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 | Debits | Credits |
|---|---|---|
| Cash | $24,600 | |
| 15,400 | ||
| Prepaid Insurance | 12,000 | |
| Land | 148,000 | |
| Accounts Payable | $6,700 | |
| Deferred Revenue | 5,800 | |
| Common Stock | 143,000 | |
| 44,500 | ||
| Totals | $200,000 | $200,000 |
The following is a summary of the transactions for the year:
| 1. January 9 | Provide storage services for cash, $134,100, and on account, $52,200. |
|---|---|
| 2. February 12 | Collect on accounts receivable, $51,500. |
| 3. April 25 | Receive cash in advance from customers, $12,900. |
| 4. May 6 | Purchase supplies on account, $9,200. |
| 5. July 15 | Pay property taxes, $8,500. |
| 6. September 10 | Pay on accounts payable, $11,400. |
| 7. October 31 | Pay salaries, $123,600. |
| 8. November 20 | Issue shares of common stock in exchange for $27,000 cash. |
| 9. December 30 | Pay $2,800 cash dividends to stockholders. |
1. 3. 6. & 10.
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