Accounts Debits Credits Cash $ 26,600 Accounts Receivable 17,400 Prepaid Insurance 16,000 Land 168,000 Accounts Payable $ 8,700 Deferred Revenue 7,800 Common Stock 163,000 Retained Earnings 48,500 Totals $ 228,000 $ 228,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $154,100, and on account, $62,200. 2. February 12 Collect on accounts receivable, $53,500. 3. April 25 Receive cash in advance from customers, $14,900. 4. May 6 Purchase supplies on account, $13,200. 5. July 15 Pay property taxes, $10,500. 6. September 10 Pay on accounts payable, $13,400. 7. October 31 Pay salaries, $143,600. 8. November 20 Issue shares of common stock in exchange for $47,000 cash. 9. December 30 Pay $4,800 cash dividends to stockholders. Insurance expired during the year is $9,000. Supplies remaining on hand at the end of the year equal $4,900. Provide services of $13,800 related to cash paid in advance by customers. Record the closing entry for revenue, expense, and cash dividend

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 18PA: Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash,...

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The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 26,600 Accounts Receivable 17,400 Prepaid Insurance 16,000 Land 168,000 Accounts Payable $ 8,700 Deferred Revenue 7,800 Common Stock 163,000 Retained Earnings 48,500 Totals $ 228,000 $ 228,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $154,100, and on account, $62,200. 2. February 12 Collect on accounts receivable, $53,500. 3. April 25 Receive cash in advance from customers, $14,900. 4. May 6 Purchase supplies on account, $13,200. 5. July 15 Pay property taxes, $10,500. 6. September 10 Pay on accounts payable, $13,400. 7. October 31 Pay salaries, $143,600. 8. November 20 Issue shares of common stock in exchange for $47,000 cash. 9. December 30 Pay $4,800 cash dividends to stockholders. Insurance expired during the year is $9,000. Supplies remaining on hand at the end of the year equal $4,900. Provide services of $13,800 related to cash paid in advance by customers. Record the closing entry for revenue, expense, and cash dividend.

The general ledger of Zips Storage at January 1, 2021, includes the following account balances:

Accounts	Debits		Credits
Cash	$	26,600
Accounts Receivable		17,400
Prepaid Insurance		16,000
Land		168,000
Accounts Payable				$	8,700
Deferred Revenue					7,800
Common Stock					163,000
Retained Earnings					48,500
Totals	$	228,000		$	228,000

The following is a summary of the transactions for the year:

1.	January	9	Provide storage services for cash, $154,100, and on account, $62,200.
2.	February	12	Collect on accounts receivable, $53,500.
3.	April	25	Receive cash in advance from customers, $14,900.
4.	May	6	Purchase supplies on account, $13,200.
5.	July	15	Pay property taxes, $10,500.
6.	September	10	Pay on accounts payable, $13,400.
7.	October	31	Pay salaries, $143,600.
8.	November	20	Issue shares of common stock in exchange for $47,000 cash.
9.	December	30	Pay $4,800 cash dividends to stockholders.

Insurance expired during the year is $9,000. Supplies remaining on hand at the end of the year equal $4,900. Provide services of $13,800 related to cash paid in advance by customers.

Record the closing entry for revenue, expense, and cash dividend

i need only closing entries please help me

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