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 4. May 6 5. July 15 Debits $25,400 16,200 13,600 156,000 6. September 10 7. October 31 8. November 20 9. December 30 Credits The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 $7,500 6,600 151,000 46,100 $211,200 $211,200 Provide storage services for cash, $142,100, and on account, $56,200. Collect on accounts receivable, $52,300. Receive cash in advance from customers, $13,700. Purchase supplies on account, $10,800. Pay property taxes, $9,300. Pay on accounts payable, $12,200. Pay salaries, $131,600. Issue shares of common stock in exchange for $35,000 cash. Pay $3,600 cash dividends to stockholders.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
$25,400
16,200
13,600
156,000
Credits
$7,500
6,600
151,000
46,100
$211,200
$211,200
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 201
9. December 30.
Provide storage services for cash, $142,100, and on account, $56,200.
Collect on accounts receivable, $52,300.
Receive cash in advance from customers, $13,700.
Purchase supplies on account, $10,800.
Pay property taxes, $9,300.
Pay on accounts payable, $12,200.
Pay salaries, $131,600.
Issue shares of common stock in exchange for $35,000 cash..
Pay $3,600 cash dividends to stockholders.
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 $25,400 16,200 13,600 156,000 Credits $7,500 6,600 151,000 46,100 $211,200 $211,200 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 201 9. December 30. Provide storage services for cash, $142,100, and on account, $56,200. Collect on accounts receivable, $52,300. Receive cash in advance from customers, $13,700. Purchase supplies on account, $10,800. Pay property taxes, $9,300. Pay on accounts payable, $12,200. Pay salaries, $131,600. Issue shares of common stock in exchange for $35,000 cash.. Pay $3,600 cash dividends to stockholders.
4. Prepare an unadjusted trial balance.
Accounts
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Land
Accounts Payable
Deferred Revenue
Common Stock
Retained Earnings
Dividends
Service Revenue
Property Tax Expense
Salaries Expense
Insurance Expense
Supplies Expense
Totals
ZIPS STORAGE
Unadjusted Trial Balance
December 31, 2024
$
Debit
0 $
Credit
0
Transcribed Image Text:4. Prepare an unadjusted trial balance. Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Property Tax Expense Salaries Expense Insurance Expense Supplies Expense Totals ZIPS STORAGE Unadjusted Trial Balance December 31, 2024 $ Debit 0 $ Credit 0
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