Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 $26,500 17,300 15,800 167,000 9. December 30 $8,600 7,700 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 162,000 48,300 $226,600 $226,600 Provide storage services for cash, $153,100, and on account, $61,700. Collect on accounts receivable, $53,400. Receive cash in advance from customers, $14,800. Purchase supplies on account, $13,000. Pay property taxes, $10,400. Pay on accounts payable, $13,300. Pay salaries, $142,600. Issue shares of common stock in exchange for $46,000 cash. Pay $4,700 cash dividends to stockholders. Record closing entries. (If no entry is required for a particular transaction/eve lect "No Journal Entry Required" in the first account field.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Cash
Accounts Receivable
Prepaid Insurance
Land
Accounts Payable
Deferred Revenue
Common Stock
Retained Earnings
Totals
4. May 6
5. July 15
6. September 10
7. October 31
8. November 20
$26,500
17,300
15,800
167,000
9. December 30
$8,600
7,700
The following is a summary of the transactions for the year:
1. January 9
2. February 12
3. April 25
162,000
48,300
$226,600 $226,600
Provide storage services for cash, $153,100,
and on account, $61,700.
Collect on accounts receivable, $53,400.
Receive cash in advance from customers,
$14,800.
Purchase supplies on account, $13,000.
Pay property taxes, $10,400.
Pay on accounts payable, $13,300.
Pay salaries, $142,600.
Issue shares of common stock in exchange for
$46,000 cash.
Pay $4,700 cash dividends to stockholders.
Record closing entries. (If no entry is required for a particular transaction/ever
lect "No Journal Entry Required" in the first account field.)
Transcribed Image Text:Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 $26,500 17,300 15,800 167,000 9. December 30 $8,600 7,700 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 162,000 48,300 $226,600 $226,600 Provide storage services for cash, $153,100, and on account, $61,700. Collect on accounts receivable, $53,400. Receive cash in advance from customers, $14,800. Purchase supplies on account, $13,000. Pay property taxes, $10,400. Pay on accounts payable, $13,300. Pay salaries, $142,600. Issue shares of common stock in exchange for $46,000 cash. Pay $4,700 cash dividends to stockholders. Record closing entries. (If no entry is required for a particular transaction/ever lect "No Journal Entry Required" in the first account field.)
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