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Required information Skip 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:  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.

Required information Skip 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:  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
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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[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 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.

 

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