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 Debits Credits $26,300 17,100 Prepaid Insurance 15,400 Land 165,000 Accounts Payable $8,400 Deferred Revenue 7,500 Common Stock 160,000 Retained Earnings 47,900 Totals $223,800 $223,800 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, $151,100, and on account, $60,700. Collect on accounts receivable, $53,200. Receive cash in advance from customers, $14,600. Purchase supplies on account, $12,600. Pay property taxes, $10,200. Pay on accounts payable, $13,100. Pay salaries, $140,600. Issue shares of common stock in exchange for $44,000 cash. Pay $4,500 cash dividends to stockholders. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning alances. Debit Cash Credit Accounts Receivable Debit Credit Beginning Balance 26,300 Beginning Balance 1. 151,100 1. 17,100 60,700 53,200 2. 2. 53,200 10,200 5. 8. 44,000 13,100 6. 140,600 7. 4,500 9. Ending Balance 106,200 Ending Balance 24,600 Prepaid Insurance Supplies Debit Credit Debit Credit
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 Debits Credits $26,300 17,100 Prepaid Insurance 15,400 Land 165,000 Accounts Payable $8,400 Deferred Revenue 7,500 Common Stock 160,000 Retained Earnings 47,900 Totals $223,800 $223,800 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, $151,100, and on account, $60,700. Collect on accounts receivable, $53,200. Receive cash in advance from customers, $14,600. Purchase supplies on account, $12,600. Pay property taxes, $10,200. Pay on accounts payable, $13,100. Pay salaries, $140,600. Issue shares of common stock in exchange for $44,000 cash. Pay $4,500 cash dividends to stockholders. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning alances. Debit Cash Credit Accounts Receivable Debit Credit Beginning Balance 26,300 Beginning Balance 1. 151,100 1. 17,100 60,700 53,200 2. 2. 53,200 10,200 5. 8. 44,000 13,100 6. 140,600 7. 4,500 9. Ending Balance 106,200 Ending Balance 24,600 Prepaid Insurance Supplies Debit Credit Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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![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:
Debits Credits
Accounts
Cash
$26,300
Accounts Receivable
17,100
Prepaid Insurance
15,400
Land
165,000
Accounts Payable
$8,400
Deferred Revenue
7,500
Common Stock
160,000
Retained Earnings
47,900
Totals
$223,800 $223,800
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, $151,100, and on account,
$60,700.
Collect on accounts receivable, $53,200.
Receive cash in advance from customers, $14,600.
Purchase supplies on account, $12,600.
Pay property taxes, $10,200.
Pay on accounts payable, $13,100.
Pay salaries, $140,600.
Issue shares of common stock in exchange for $44,000 cash.
Pay $4,500 cash dividends to stockholders.
1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning
balances.
Debit
Cash
Credit
Accounts Receivable
Debit
Credit
Beginning Balance
26,300
Beginning
Balance
1.
151,100
1.
17,100
60,700
53,200 2.
2.
53,200
10,200 5.
8.
44,000
13,100 6.
140,600 7.
4,500 9.
Ending Balance
106,200
Ending Balance
24,600
Prepaid Insurance
Supplies
Debit
Credit
Debit
Credit
Beginning Balance
15,400
Beginning
Balance
12,600
8,700 Adjusting entry
8,000 Adjusting entry
Ending Balance
6,700
Ending Balance
4,600
Land
Accounts Payable
Debit
Beginning Balance
165,000
Credit
Debit
Beginning
Balance
6.
Credit
8,400
13,100
12,600 4.
Ending Balance
Ending Balance
165,000
7,900
Deferred Revenue
Common Stock
Debit
Credit
Debit
Beginning Balance
7,500
Beginning
Balance
Credit
160,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b4fa460-9e0e-455b-9b2f-cdeb09d92345%2Fcdf99e7a-3e76-45e6-a299-3ae9fccdd362%2Fau0i6rn_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:
Debits Credits
Accounts
Cash
$26,300
Accounts Receivable
17,100
Prepaid Insurance
15,400
Land
165,000
Accounts Payable
$8,400
Deferred Revenue
7,500
Common Stock
160,000
Retained Earnings
47,900
Totals
$223,800 $223,800
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, $151,100, and on account,
$60,700.
Collect on accounts receivable, $53,200.
Receive cash in advance from customers, $14,600.
Purchase supplies on account, $12,600.
Pay property taxes, $10,200.
Pay on accounts payable, $13,100.
Pay salaries, $140,600.
Issue shares of common stock in exchange for $44,000 cash.
Pay $4,500 cash dividends to stockholders.
1. 3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning
balances.
Debit
Cash
Credit
Accounts Receivable
Debit
Credit
Beginning Balance
26,300
Beginning
Balance
1.
151,100
1.
17,100
60,700
53,200 2.
2.
53,200
10,200 5.
8.
44,000
13,100 6.
140,600 7.
4,500 9.
Ending Balance
106,200
Ending Balance
24,600
Prepaid Insurance
Supplies
Debit
Credit
Debit
Credit
Beginning Balance
15,400
Beginning
Balance
12,600
8,700 Adjusting entry
8,000 Adjusting entry
Ending Balance
6,700
Ending Balance
4,600
Land
Accounts Payable
Debit
Beginning Balance
165,000
Credit
Debit
Beginning
Balance
6.
Credit
8,400
13,100
12,600 4.
Ending Balance
Ending Balance
165,000
7,900
Deferred Revenue
Common Stock
Debit
Credit
Debit
Beginning Balance
7,500
Beginning
Balance
Credit
160,000
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