calculating the unadjusted trial balance for he general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash $26,400 Accounts Receivable 17,200 Prepaid Insurance 15,600 Land 166,000 Accounts Payable $8,500 Deferred Revenue 7,600 Common Stock 161,000 Retained Earnings 48,100 Totals $225,200 $225,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $152,100, and on account, $61,200. 2. February 12 Collect on accounts receivable, $53,300. 3. April 25 Receive cash in advance from customers, $14,700. 4. May 6 Purchase supplies on account, $12,800. 5. July 15 Pay property taxes, $10,300. 6. September 10 Pay on accounts payable, $13,200. 7. October 31 Pay salaries, $141,600. 8. November 20 Issue shares of common stock in exchange for $45,000 cash. 9. December 30 Pay $4,600 cash dividends to stockholders.
calculating the unadjusted trial balance for he general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash $26,400 Accounts Receivable 17,200 Prepaid Insurance 15,600 Land 166,000 Accounts Payable $8,500 Deferred Revenue 7,600 Common Stock 161,000 Retained Earnings 48,100 Totals $225,200 $225,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $152,100, and on account, $61,200. 2. February 12 Collect on accounts receivable, $53,300. 3. April 25 Receive cash in advance from customers, $14,700. 4. May 6 Purchase supplies on account, $12,800. 5. July 15 Pay property taxes, $10,300. 6. September 10 Pay on accounts payable, $13,200. 7. October 31 Pay salaries, $141,600. 8. November 20 Issue shares of common stock in exchange for $45,000 cash. 9. December 30 Pay $4,600 cash dividends to stockholders.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...
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Question
calculating the unadjusted
for
he general ledger of Zips Storage at January 1, 2024, includes the following account balances:
Accounts | Debits | Credits |
---|---|---|
Cash | $26,400 | |
17,200 | ||
Prepaid Insurance | 15,600 | |
Land | 166,000 | |
Accounts Payable | $8,500 | |
Deferred Revenue | 7,600 | |
Common Stock | 161,000 | |
48,100 | ||
Totals | $225,200 | $225,200 |
The following is a summary of the transactions for the year:
1. January 9 | Provide storage services for cash, $152,100, and on account, $61,200. |
---|---|
2. February 12 | Collect on accounts receivable, $53,300. |
3. April 25 | Receive cash in advance from customers, $14,700. |
4. May 6 | Purchase supplies on account, $12,800. |
5. July 15 | Pay property taxes, $10,300. |
6. September 10 | Pay on accounts payable, $13,200. |
7. October 31 | Pay salaries, $141,600. |
8. November 20 | Issue shares of common stock in exchange for $45,000 cash. |
9. December 30 | Pay $4,600 cash dividends to stockholders. |
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