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. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first count field.) > Answer is not complete. No Transaction General Journal Debit Credit 1 December 31 Service Revenue 201,300 2 December 31 Retained Earnings 3 December 31 Retained Earnings Dividends 143,100x 9,500 133,600 3,800 3,800
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. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first count field.) > Answer is not complete. No Transaction General Journal Debit Credit 1 December 31 Service Revenue 201,300 2 December 31 Retained Earnings 3 December 31 Retained Earnings Dividends 143,100x 9,500 133,600 3,800 3,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Gadubhai
![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
$25,600
Credits
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.)
> Answer is not complete.
No
Transaction
General Journal
Debit
Credit
1
December 31
Service Revenue
201,300 ☑
2
December 31
Retained Earnings
3
December 31
Retained Earnings
Dividends
143,100 ×
9,500
133,600
3,800
3,800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2e17af40-49de-4efd-a939-c0efd2014ca3%2F7ca7ef23-2fa6-4386-82db-79df87be52c9%2Fb8n9i7a_processed.jpeg&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
$25,600
Credits
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.)
> Answer is not complete.
No
Transaction
General Journal
Debit
Credit
1
December 31
Service Revenue
201,300 ☑
2
December 31
Retained Earnings
3
December 31
Retained Earnings
Dividends
143,100 ×
9,500
133,600
3,800
3,800
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education