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13 Required information Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [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 1. January 9 2. February 12 3. April 25 Debits $24,700 15,500 12,200 149,000 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 $201,400 Credits $6,800 5,900 The following is a summary of the transactions for the year: 144,000 44,700 $201,400 Provide storage services for cash, $135, 100, and on account, $52,700. Collect on accounts receivable, $51,600. Receive cash in advance from customers, $13,000. Purchase supplies on account, $9,400. Pay property taxes, $8,600. Pay on accounts payable, $11,500. Pay salaries, $124,600. Issue shares of common stock in exchange for $28,000 cash. Pay $2,900 cash dividends to stockholders.

13 Required information Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [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 1. January 9 2. February 12 3. April 25 Debits $24,700 15,500 12,200 149,000 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 $201,400 Credits $6,800 5,900 The following is a summary of the transactions for the year: 144,000 44,700 $201,400 Provide storage services for cash, $135, 100, and on account, $52,700. Collect on accounts receivable, $51,600. Receive cash in advance from customers, $13,000. Purchase supplies on account, $9,400. Pay property taxes, $8,600. Pay on accounts payable, $11,500. Pay salaries, $124,600. Issue shares of common stock in exchange for $28,000 cash. Pay $2,900 cash dividends to stockholders.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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13 ! Required information Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [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 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 Debits $24,700 15,500 12,200 149,000 8. November 20 9. December 30 $201,400 The following is a summary of the transactions for the year. Credits $6,800 5,900 Pay property taxes, $8,600. Pay on accounts payable, $11,500. 144,000 44,700 $201,400 Provide storage services for cash, $135, 100, and on account, $52,700. Collect on accounts receivable, $51,600. Receive cash in advance from customers, $13,000. Purchase supplies on account, $9,400. Pay salaries, $124,600. Issue shares of common stock in exchange for $28,000 cash. Pay $2,900 cash dividends to stockholders.
Transcribed Image Text:13 ! Required information Problem 3-9A (Algo) Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [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 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 Debits $24,700 15,500 12,200 149,000 8. November 20 9. December 30 $201,400 The following is a summary of the transactions for the year. Credits $6,800 5,900 Pay property taxes, $8,600. Pay on accounts payable, $11,500. 144,000 44,700 $201,400 Provide storage services for cash, $135, 100, and on account, $52,700. Collect on accounts receivable, $51,600. Receive cash in advance from customers, $13,000. Purchase supplies on account, $9,400. Pay salaries, $124,600. Issue shares of common stock in exchange for $28,000 cash. Pay $2,900 cash dividends to stockholders.
7. Prepare an adjusted trial balance. Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends ZIPS STORAGE Adjusted Trial Balance December 31, 2024 Service Revenue Property Tax Expense Salaries Expense Insurance Expense Supplies Expense Total $ Debit 0 $ Credit 0
Transcribed Image Text:7. Prepare an adjusted trial balance. Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends ZIPS STORAGE Adjusted Trial Balance December 31, 2024 Service Revenue Property Tax Expense Salaries Expense Insurance Expense Supplies Expense Total $ Debit 0 $ Credit 0
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