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: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $25,500 16,300 13,800 157,000 8. November 20 9. December 30 $7,600 6,700 152,000 46,300 $212,600 $212,600 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 Provide storage services for cash, $143,100, and on account, $56,700. Collect on accounts receivable, $52,400. Receive cash in advance from customers, $13,800. Purchase supplies on account, $11,000. Pay property taxes, $9,400. Pay on accounts payable, $12,300. Pay salaries, $132,600. Issue shares of common stock in exchange for $36,000 cash. Pay $3,700 cash dividends to stockholders.
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: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $25,500 16,300 13,800 157,000 8. November 20 9. December 30 $7,600 6,700 152,000 46,300 $212,600 $212,600 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 Provide storage services for cash, $143,100, and on account, $56,700. Collect on accounts receivable, $52,400. Receive cash in advance from customers, $13,800. Purchase supplies on account, $11,000. Pay property taxes, $9,400. Pay on accounts payable, $12,300. Pay salaries, $132,600. Issue shares of common stock in exchange for $36,000 cash. Pay $3,700 cash dividends to stockholders.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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:
Credits
Accounts
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
9. December 30
The following is a summary of the transactions for the year:
1. January 9
2. February 12
3. April 25
1
Debits
$25,500
16,300
13,800
157,000
$212,600
Transaction
December 31
Provide storage services for cash, $143, 100, and on account, $56,700.
Collect on accounts receivable, $52,400.
Receive cash in advance from customers, $13,800.
Purchase supplies on account, $11,000.
Pay property taxes, $9,400.
Pay on accounts payable, $12,300.
Pay salaries, $132,600.
Journal entry worksheet
$7,600
6,700
152,000
46,300
$212,600
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in
the first account field.)
2 3
Issue shares of common stock in exchange for $36,000 cash.
Pay $3,700 cash dividends to stockholders.
Note: Enter debits before credits.
Record the entry to close the revenue accounts.
General Journal
Debit
Credit
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Transcribed Image Text: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:
Credits
Accounts
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
9. December 30
The following is a summary of the transactions for the year:
1. January 9
2. February 12
3. April 25
1
Debits
$25,500
16,300
13,800
157,000
$212,600
Transaction
December 31
Provide storage services for cash, $143, 100, and on account, $56,700.
Collect on accounts receivable, $52,400.
Receive cash in advance from customers, $13,800.
Purchase supplies on account, $11,000.
Pay property taxes, $9,400.
Pay on accounts payable, $12,300.
Pay salaries, $132,600.
Journal entry worksheet
$7,600
6,700
152,000
46,300
$212,600
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in
the first account field.)
2 3
Issue shares of common stock in exchange for $36,000 cash.
Pay $3,700 cash dividends to stockholders.
Note: Enter debits before credits.
Record the entry to close the revenue accounts.
General Journal
Debit
Credit
>
Transcribed Image Text:1
Record the entry to close the expense accounts.
2 3
Note: Enter debits before credits.
Transaction
December 31
Record entry
1 2 3
Journal entry worksheet
<
General Journal
Note: Enter debits before credits.
Transaction
December 31
Clear entry
Record the entry to close the dividends account.
General Journal
Debit
Debit
Credit
View general journal
Credit
>
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