None !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:AccountsCashAccounts ReceivablePrepaid InsuranceLandAccounts PayableDeferred RevenueCommon StockRetained EarningsTotalsDebits$25,400Credits16,20013,600156,000$7,5006,600151,00046,100$211,200 $211,200The following is a summary of the transactions for the year:1. January 92. February 123. April 254. May 65. July 156. September 107. October 318. November 209. December 30Provide 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.1.3. 6. & 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances.DebitBeginning BalanceCashCreditAccounts ReceivableDebitCreditBeginning Balance

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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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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