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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 $25,700 Credits 16,500 14,200 159,000 $7,800 6,900 154,000 46,700 $215,400 $215,400 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, $145,100, and on account, $57,700. Collect on accounts receivable, $52,600. Receive cash in advance from customers, $14,000. Purchase supplies on account, $11,400. Pay property taxes, $9,600. Pay on accounts payable, $12,500. Pay salaries, $134,600. Issue shares of common stock in exchange for $38,000 cash. Pay $3,900 cash dividends to stockholders. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal B ccount field.) View transaction list Journal entry worksheet > 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Transaction December 31 General Journal Debit Credit Record entry Clear entry View general journal

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 $25,700 Credits 16,500 14,200 159,000 $7,800 6,900 154,000 46,700 $215,400 $215,400 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, $145,100, and on account, $57,700. Collect on accounts receivable, $52,600. Receive cash in advance from customers, $14,000. Purchase supplies on account, $11,400. Pay property taxes, $9,600. Pay on accounts payable, $12,500. Pay salaries, $134,600. Issue shares of common stock in exchange for $38,000 cash. Pay $3,900 cash dividends to stockholders. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal B ccount field.) View transaction list Journal entry worksheet > 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Transaction December 31 General Journal Debit Credit Record entry Clear entry View general journal

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7QY: The schedule of accounts payable lists each creditors account balance, and the total equals the...
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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 $25,700 Credits 16,500 14,200 159,000 $7,800 6,900 154,000 46,700 $215,400 $215,400 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, $145,100, and on account, $57,700. Collect on accounts receivable, $52,600. Receive cash in advance from customers, $14,000. Purchase supplies on account, $11,400. Pay property taxes, $9,600. Pay on accounts payable, $12,500. Pay salaries, $134,600. Issue shares of common stock in exchange for $38,000 cash. Pay $3,900 cash dividends to stockholders. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal B ccount field.) View transaction list Journal entry worksheet > 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Transaction December 31 General Journal Debit Credit Record entry Clear entry View general journal
Transcribed Image Text: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 $25,700 Credits 16,500 14,200 159,000 $7,800 6,900 154,000 46,700 $215,400 $215,400 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, $145,100, and on account, $57,700. Collect on accounts receivable, $52,600. Receive cash in advance from customers, $14,000. Purchase supplies on account, $11,400. Pay property taxes, $9,600. Pay on accounts payable, $12,500. Pay salaries, $134,600. Issue shares of common stock in exchange for $38,000 cash. Pay $3,900 cash dividends to stockholders. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal B ccount field.) View transaction list Journal entry worksheet > 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Transaction December 31 General Journal Debit Credit Record entry Clear entry View general journal
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