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 $25,700 Credits 16,500 14,200 159,000 $7,800 6,900 154,000 46,700 $215,400 $215,400 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, $145,100, and on account, $57,700. Collect on accounts receivable, $52,600. Receive cash in advance from customers, $14,000. Purchase supplies on account, $11,400. Pay property taxes, $9,600. Pay on accounts payable, $12,500. Pay salaries, $134,600. Issue shares of common stock in exchange for $38,000 cash. Pay $3,900 cash dividends to stockholders. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal B ccount field.) View transaction list Journal entry worksheet > 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Transaction December 31 General Journal Debit Credit Record entry Clear entry View general journal
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 $25,700 Credits 16,500 14,200 159,000 $7,800 6,900 154,000 46,700 $215,400 $215,400 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, $145,100, and on account, $57,700. Collect on accounts receivable, $52,600. Receive cash in advance from customers, $14,000. Purchase supplies on account, $11,400. Pay property taxes, $9,600. Pay on accounts payable, $12,500. Pay salaries, $134,600. Issue shares of common stock in exchange for $38,000 cash. Pay $3,900 cash dividends to stockholders. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal B ccount field.) View transaction list Journal entry worksheet > 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Transaction December 31 General Journal Debit Credit Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Gadubhai
Transcribed Image Text: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
$25,700
Credits
16,500
14,200
159,000
$7,800
6,900
154,000
46,700
$215,400
$215,400
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, $145,100, and on account, $57,700.
Collect on accounts receivable, $52,600.
Receive cash in advance from customers, $14,000.
Purchase supplies on account, $11,400.
Pay property taxes, $9,600.
Pay on accounts payable, $12,500.
Pay salaries, $134,600.
Issue shares of common stock in exchange for $38,000 cash.
Pay $3,900 cash dividends to stockholders.
Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal B
ccount field.)
View transaction list
Journal entry worksheet
>
1
2
3
Record the entry to close the revenue accounts.
Note: Enter debits before credits.
Transaction
December 31
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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