Required informationSkip to question [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: AccountsDebitsCreditsCash$26,400 Accounts Receivable17,200 Prepaid Insurance15,600 Land166,000 Accounts Payable $8,500Deferred Revenue 7,600Common Stock 161,000Retained Earnings 48,100Totals$225,200$225,200 The following is a summary of the transactions for the year: 1. January 9Provide storage services for cash, $152,100, and on account, $61,200.2. February 12Collect on accounts receivable, $53,300.3. April 25Receive cash in advance from customers, $14,700.4. May 6Purchase supplies on account, $12,800.5. July 15Pay property taxes, $10,300.6. September 10Pay on accounts payable, $13,200.7. October 31Pay salaries, $141,600.8. November 20Issue shares of common stock in exchange for $45,000 cash.9. December 30Pay $4,600 cash dividends to stockholders.

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10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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[The following information applies to the questions displayed below.]

The general ledger of Zips Storage at January 1, 2024, includes the following account balances:

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.