The genersl ledger of Zips Storage st January 1, 2021, Includes the following sccount balances:AccountsDibitsCredits$ 25,68017,480CashAccounts ReceivablePrepaid InsuranceLandAccounts PayableDeferred Revenue168,000S 8, 700Cormon Stock163,80e48, S0Retained EarningsTotals$28,000$228, 00The following isa summary of the transactions for the yesar.1. January2. February 12 collect on accounts receivable, $53,580.3. April4. ay5. July6. Septenber 1e Pay on accounts payable, $13,480.7. October8. 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.வெவாaிJournalGeneralIcomeStatementRaquirementTrial BalanceBalance SheetLedgerPrepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No joumal entry required" in the firstaccount field.)Vw jourmaltry workaheetVaw truchom latNoDateGenaral JournalDebitCreditJanuary 09Insurance ExpensePrapaid Insurance( RequirementGeneral Ledger>

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Find the amount of accounts receivables written off in 2019.
H
Pharoah Company has a balance in its Accounts Payable control account of $8,460 on January 1, 2022. The subsidiary ledger contains three accounts: Hale Company, balance $2,970; Janish Company, balance $1,770; and Valdez Company. During January, the following payable-related transactions occurred. Purchases Payments Returns Hale Company $6,750 $5,990 $ 0 Janish Company 5,060 1,770 3,500 Valdez Company 5,885 6,430 0 What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $
Please help me with show all calculation thanku
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…
Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the Statement of Financial Position. (The accounts are not in order) Include the additional information when making the Balance sheet Cash on hand P150,000 20,000 20,000 Trade securities Accounts Receivable Prepaid rent Merchandise Inventory Prepaid Utilities Cash on bank 12,000 38,000 15,000 100,000 42,000 Advance to employees Land 120,000 220,000 65,000 Building Furniture and Fixture Accounts Payable Notes Payable Unearned Revenue 120,000 50,000 30,000 20,000 11,000 Taxes Payable Warranty payable Loan(lyear) Mortgage Bonds Payable Goodwill Trademark 35,000 200,000 150,000 25,000 10,000 The beginning capital of King's Landing Trading is 120,000. During the year the owner made an additional investment of P50,000 and withdrew P30,000 for personal use. Net income during the year amounted to 56,500. The business assessed their Assets and incurred a depreciation on Building for P20,000 and Furniture…
Please assist me with the acid test ratio for the attached document. I came up with .622. is this correct? Thanks,
The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2019 and December 31, 2022: Accounts receivable Inventory Sales revenue Cost of goods sold January 1 $126,000 $163,000 The following information was taken from Buckeye Company's 2022 income statement: Salaries expense Income tax expense Net income December 31 $139,000 131,000 $967,250 $429, 240 $211,390 $ 97,986 $228,634 Calculate the average number of days that elapse between Buckeye Company buying their inventory from suppliers and then selling the inventory to customers.
Accounts Payable$ 46,000 Accounts Receivable23, 800Cash (balance on January 1, 2021)90, 400Cash ( balance on December 31, 2021)78,000Common Stock152, 500 Dividends0Equipment137, 700Income Tax Expense10, 200Interest Expense 29, 600Inventory 17, 300Notes Payable25,000Office Expense 14, 400Prepaid Rent7, 100 Retained Earnings (beginning)6, 800Salaries and Wages Expense35, 800Service Revenue139,800 Utilities Expense25, 200Salaries and Wages Payable9, 000 Other cash flow information: Cash from issuing common stock$ 22,000Cash paid to reacquire common stock24, 500Cash paid for income taxes11, 100Cash paid to purchase long-term assets53, 400Cash paid to suppliers and employees84, 400Cash received from customers139,000 Prepare a statement of retained earnings for 2021.
The following Is a portion of the current assets section of the balance sheets of Avantl's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for bad debts of $9,884 and $18,755, respectively $178,387 $223,883 Requlred: a. If $11,579 of accounts recelvable were written off during 2020, what was the amount of bad debts expense recognized for the year? (Hint. Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) Bad debt expense b. The December 31, 2020, Allowance account balance Includes $3,017 for a past due account that is not likely to be collected. This account has not been written off. |(1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? Yes No (2) If It had been written off, will there be any effect of the write-off on net Income and ROI for the year ended December 31, 2020? Yes No c. The level of Avantı's sales…
Please do not give solution in image format thanku
Vinubhai