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 $26,400 17,200 15,600 166,000 $225,200 Credits $8,500 7,600 161,000 48,100 $225, 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 18 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $152,100, and on account, $61,200. Collect on accounts receivable, $53,300. Receive cash in advance from customers, $14,700. Purchase supplies on account, $12,800. Pay property taxes, $10,300. Pay on accounts payable, $13,200. Pay salaries, $141,600. Issue shares of common stock in exchange for $45,000 cash. Pay $4,600 cash dividends to stockholders.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.