The general ledger of Zips Storage at January 1, 2021, 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.     Cash         Accounts Receivable     Beg. Bal. 24,600       Beg. Bal. 15,400                                                                                   End. Bal. 24,600       End. Bal. 15,400                                   Prepaid Insurance         Supplies     Beg. Bal. 12,000       Beg. Bal.                                     End. Bal. 12,000       End. Bal.                     Land         Accounts Payable     Beg. Bal. 148,000       Beg. Bal.   6,700                                                 End. Bal. 148,000       End. Bal.   6,700                 Deferred Revenue         Common Stock     Beg. Bal.   5,800     Beg. Bal.   143,000                                 End. Bal.   5,800     End. Bal.   143,000                 Retained Earnings         Service Revenue     Beg. Bal.   44,500     Beg. Bal.                                                     End. Bal.   44,500     End. Bal.                     Dividends         Property Tax Expense     Beg. Bal.   2,800     Beg. Bal. 3,500                                                   End. Bal.   2,800     End. Bal. 3,500                   Salaries Expense         Insurance Expense     Beg. Bal. 11,400       Beg. Bal.                                                     End. Bal. 11,400       End. Bal.                     Supplies Expense               Beg. Bal.                                                               End. Bal.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The general ledger of Zips Storage at January 1, 2021, 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.
 
 
Cash         Accounts Receivable    
Beg. Bal. 24,600       Beg. Bal. 15,400  
               
               
               
               
               
End. Bal. 24,600       End. Bal. 15,400  
               
               
Prepaid Insurance         Supplies    
Beg. Bal. 12,000       Beg. Bal.    
               
               
End. Bal. 12,000       End. Bal.    
               
Land         Accounts Payable    
Beg. Bal. 148,000       Beg. Bal.   6,700
               
               
               
End. Bal. 148,000       End. Bal.   6,700
               
Deferred Revenue         Common Stock    
Beg. Bal.   5,800     Beg. Bal.   143,000
               
               
End. Bal.   5,800     End. Bal.   143,000
               
Retained Earnings         Service Revenue    
Beg. Bal.   44,500     Beg. Bal.    
               
               
               
End. Bal.   44,500     End. Bal.    
               
Dividends         Property Tax Expense    
Beg. Bal.   2,800     Beg. Bal. 3,500  
               
               
               
End. Bal.   2,800     End. Bal. 3,500  
               
Salaries Expense         Insurance Expense    
Beg. Bal. 11,400       Beg. Bal.    
               
               
               
End. Bal. 11,400       End. Bal.    
               
Supplies Expense              
Beg. Bal.              
               
               
               
End. Bal.              
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