The genersi leciger of Zips Storege st January 1,2021, includes the following sccount beiances: Accounts Diits Cradits Cash $ 25,5e 17,4e 15,88e 158, Accounts Racelivable Prepaid Insurance Land Accounts Payale S R,70 7, Deferred Reveone Common Stock Retained Earings Totals $228,8e s228,8ee The following isa summary of the transactions for the year. 1. January 2. February 12 Collect on accounts receivatle, s53,sae. 3. April 9 Provide storage services far cash, $154, 18e, and an account, 562,20e. 25 Receive cash in advance froe custoners, s14,90e. 6 Purchase supplies an account, $13,28e. 15 Pay property taxes, sae, see. 6. Saptenter 1e Pay an accounts payable, S13,48e. 31 Pay salaries, $143,5ee. 4. ay 7. Octuber 8. Novenber 2e Issue shares of comon stack in exchange for s47,8se cash. 9. Decenber 30 Pay S4,8e cash dividends to stocihalders. Insurance explred during the year is S9.000. Supplies remaining on hand stthe end of the year equal $4900. Provide senices of $13.800 reisted to cesh pald in advance by customers.
The genersi leciger of Zips Storege st January 1,2021, includes the following sccount beiances: Accounts Diits Cradits Cash $ 25,5e 17,4e 15,88e 158, Accounts Racelivable Prepaid Insurance Land Accounts Payale S R,70 7, Deferred Reveone Common Stock Retained Earings Totals $228,8e s228,8ee The following isa summary of the transactions for the year. 1. January 2. February 12 Collect on accounts receivatle, s53,sae. 3. April 9 Provide storage services far cash, $154, 18e, and an account, 562,20e. 25 Receive cash in advance froe custoners, s14,90e. 6 Purchase supplies an account, $13,28e. 15 Pay property taxes, sae, see. 6. Saptenter 1e Pay an accounts payable, S13,48e. 31 Pay salaries, $143,5ee. 4. ay 7. Octuber 8. Novenber 2e Issue shares of comon stack in exchange for s47,8se cash. 9. Decenber 30 Pay S4,8e cash dividends to stocihalders. Insurance explred during the year is S9.000. Supplies remaining on hand stthe end of the year equal $4900. Provide senices of $13.800 reisted to cesh pald in advance by customers.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:The genersl ledger of Zips Storage st January 1, 2021, Includes the following sccount balances:
Accounts
Dibits
Credits
$ 25,680
17,480
Cash
Accounts Receivable
Prepaid Insurance
Land
Accounts Payable
Deferred Revenue
168,000
S 8, 700
Cormon Stock
163,80e
48, S0
Retained Earnings
Totals
$28,000
$228, 00
The following isa summary of the transactions for the yesar.
1. January
2. February 12 collect on accounts receivable, $53,580.
3. April
4. ay
5. July
6. Septenber 1e Pay on accounts payable, $13,480.
7. October
8. Novenber 20 Issue shars of common stock in exchange for $47,80e cash.
9. December 38 Pay $4,88e cash dividends to stockhalders.
9 Provide storage services for cash, $154, 188, and on account, $62,200.
25 Receive cash in advance from custoners, $14,980.
6 Purchase supplies on account, $13,280.
15 Pay property taxes, $10, sae.
31 Pay salaries, $143,680.
Insurance explred during the year is $9,000. Supplies remaining on hand st the end of the year equal $4,900. Provide services of
$13,900 relsted to cesh paid in advance by customers.
வெவாaி
Journal
General
Icome
Statement
Raquirement
Trial Balance
Balance Sheet
Ledger
Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No joumal entry required" in the first
account field.)
Vw jourmaltry workaheet
Vaw truchom lat
No
Date
Genaral Journal
Debit
Credit
January 09
Insurance Expense
Prapaid Insurance
( Requirement
General Ledger>
Expert Solution

Step 1 Introduction
The journal entries are prepared to record day to day transactions on regular basis.
The adjustment entries are made at year end to adjust the revenues and expenses of the current period.
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