ccounting Lab Project 1- Complete full accounting cycle Saved 4 Part 3 of 8 [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 277 points eBook Print References Mc Graw Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits Credits $24,600 15,400 12,000 148,000 $6,700 5,800 $200,000 143,000 44,500 $200,000 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, $134,100, and on account, $52,200. Collect on accounts receivable, $51,500. Receive cash in advance from customers, $12,900. Purchase supplies on account, $9,200. Pay property taxes, $8,500. Pay on accounts payable, $11,400. Pay salaries, $123,600. Issue shares of common stock in exchange for $27,000 cash. Pay $2,800 cash dividends to stockholders. 5. Record adjusting entries. Insurance expired during the year is $7,000. Supplies remaining on hand at the end of the year e $2,900. Provide services of $11,800 related to cash paid in advance by customers. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Viewtransaction list.
ccounting Lab Project 1- Complete full accounting cycle Saved 4 Part 3 of 8 [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 277 points eBook Print References Mc Graw Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits Credits $24,600 15,400 12,000 148,000 $6,700 5,800 $200,000 143,000 44,500 $200,000 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, $134,100, and on account, $52,200. Collect on accounts receivable, $51,500. Receive cash in advance from customers, $12,900. Purchase supplies on account, $9,200. Pay property taxes, $8,500. Pay on accounts payable, $11,400. Pay salaries, $123,600. Issue shares of common stock in exchange for $27,000 cash. Pay $2,800 cash dividends to stockholders. 5. Record adjusting entries. Insurance expired during the year is $7,000. Supplies remaining on hand at the end of the year e $2,900. Provide services of $11,800 related to cash paid in advance by customers. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Viewtransaction list.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![ccounting Lab Project 1- Complete full accounting cycle
Saved
4
Part 3 of 8
[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
277
points
eBook
Print
References
Mc
Graw
Cash
Accounts Receivable
Prepaid Insurance
Land
Accounts Payable
Deferred Revenue
Common Stock
Retained Earnings
Totals
Debits
Credits
$24,600
15,400
12,000
148,000
$6,700
5,800
$200,000
143,000
44,500
$200,000
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, $134,100, and on account, $52,200.
Collect on accounts receivable, $51,500.
Receive cash in advance from customers, $12,900.
Purchase supplies on account, $9,200.
Pay property taxes, $8,500.
Pay on accounts payable, $11,400.
Pay salaries, $123,600.
Issue shares of common stock in exchange for $27,000 cash.
Pay $2,800 cash dividends to stockholders.
5. Record adjusting entries. Insurance expired during the year is $7,000. Supplies remaining on hand at the end of the year e
$2,900. Provide services of $11,800 related to cash paid in advance by customers. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field.)
Viewtransaction list.
<Prev
4 5
6
9
of 9
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F38be881f-1dc5-4d39-a3fb-4c1b5849e2bc%2F35ce4c9c-a75a-4d13-ac1c-d294fb3dd0f8%2Fsb2rvwq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ccounting Lab Project 1- Complete full accounting cycle
Saved
4
Part 3 of 8
[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
277
points
eBook
Print
References
Mc
Graw
Cash
Accounts Receivable
Prepaid Insurance
Land
Accounts Payable
Deferred Revenue
Common Stock
Retained Earnings
Totals
Debits
Credits
$24,600
15,400
12,000
148,000
$6,700
5,800
$200,000
143,000
44,500
$200,000
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, $134,100, and on account, $52,200.
Collect on accounts receivable, $51,500.
Receive cash in advance from customers, $12,900.
Purchase supplies on account, $9,200.
Pay property taxes, $8,500.
Pay on accounts payable, $11,400.
Pay salaries, $123,600.
Issue shares of common stock in exchange for $27,000 cash.
Pay $2,800 cash dividends to stockholders.
5. Record adjusting entries. Insurance expired during the year is $7,000. Supplies remaining on hand at the end of the year e
$2,900. Provide services of $11,800 related to cash paid in advance by customers. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field.)
Viewtransaction list.
<Prev
4 5
6
9
of 9
Next >
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