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.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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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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