Required information [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 Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits Credits $25,600 16,400 14,000 158,000 $7,700 6,800 153,000 46,500 $214,000 $214,000 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, $144,100, and on account, $57,200. Collect on accounts receivable, $52,500. Receive cash in advance from customers, $13,900. Purchase supplies on account, $11,200. Pay property taxes, $9,500. Pay on accounts payable, $12,400. Pay salaries, $133,600. Issue shares of common stock in exchange for $37,000 cash. Pay $3,800 cash dividends to stockholders. 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit December 31 Retained Earnings View general journal Record entry Clear entry
Required information [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 Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits Credits $25,600 16,400 14,000 158,000 $7,700 6,800 153,000 46,500 $214,000 $214,000 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, $144,100, and on account, $57,200. Collect on accounts receivable, $52,500. Receive cash in advance from customers, $13,900. Purchase supplies on account, $11,200. Pay property taxes, $9,500. Pay on accounts payable, $12,400. Pay salaries, $133,600. Issue shares of common stock in exchange for $37,000 cash. Pay $3,800 cash dividends to stockholders. 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit December 31 Retained Earnings View general journal Record entry Clear entry
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
[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
Cash
Accounts Receivable
Prepaid Insurance
Land
Accounts Payable
Deferred Revenue
Common Stock
Retained Earnings
Totals
Debits
Credits
$25,600
16,400
14,000
158,000
$7,700
6,800
153,000
46,500
$214,000
$214,000
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, $144,100, and on account, $57,200.
Collect on accounts receivable, $52,500.
Receive cash in advance from customers, $13,900.
Purchase supplies on account, $11,200.
Pay property taxes, $9,500.
Pay on accounts payable, $12,400.
Pay salaries, $133,600.
Issue shares of common stock in exchange for $37,000 cash.
Pay $3,800 cash dividends to stockholders.
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first
account field.)
View transaction list
Journal entry worksheet
2
3
Record the entry to close the expense accounts.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
December 31 Retained Earnings
View general journal
Record entry
Clear entry](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0de23e0b-2dba-4459-8269-a8b57a2bc159%2F1f88bb79-1c96-485a-8792-ba73303886c9%2Fliz2nf6_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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
Cash
Accounts Receivable
Prepaid Insurance
Land
Accounts Payable
Deferred Revenue
Common Stock
Retained Earnings
Totals
Debits
Credits
$25,600
16,400
14,000
158,000
$7,700
6,800
153,000
46,500
$214,000
$214,000
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, $144,100, and on account, $57,200.
Collect on accounts receivable, $52,500.
Receive cash in advance from customers, $13,900.
Purchase supplies on account, $11,200.
Pay property taxes, $9,500.
Pay on accounts payable, $12,400.
Pay salaries, $133,600.
Issue shares of common stock in exchange for $37,000 cash.
Pay $3,800 cash dividends to stockholders.
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first
account field.)
View transaction list
Journal entry worksheet
2
3
Record the entry to close the expense accounts.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
December 31 Retained Earnings
View general journal
Record entry
Clear entry
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