The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash 24,600 Accounts Receivable 15,400 Prepaid Insurance 12,000 Land 148,000 Accounts Payable 6,700 Deferred Revenue 5,800 Common Stock 143,000 Retained Earnings 44,500 Totals $200,000 $200,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $134,100, and on account, $52,200. 2. February 12 Collect on accounts receivable, $51,500. 3. April 25 Receive cash in advance from customers, $12,900. 4. May 6 Purchase supplies on account, $9,200. 5. July 15 Pay property taxes, $8,500. 6. September 10 Pay on accounts payable, $11,400. 7. October 31 Pay salaries, $123,600. 8. November 20 Issue shares of common stock in exchange for $27,000 cash. 9. December 30 Pay $2,800 cash dividends to stockholders. Cash Accounts Receivable Beg. Bal. 24,600 Beg. Bal. 15,400 End. Bal. 24,600 End. Bal. 15,400 Prepaid Insurance Supplies Beg. Bal. 12,000 Beg. Bal. End. Bal. 12,000 End. Bal. Land Accounts Payable Beg. Bal. 148,000 Beg. Bal. 6,700 End. Bal. 148,000 End. Bal. 6,700 Deferred Revenue Common Stock Beg. Bal. 5,800 Beg. Bal. 143,000 End. Bal. 5,800 End. Bal. 143,000 Retained Earnings Service Revenue Beg. Bal. 44,500 Beg. Bal. End. Bal. 44,500 End. Bal. Dividends Property Tax Expense Beg. Bal. 2,800 Beg. Bal. 3,500 End. Bal. 2,800 End. Bal. 3,500 Salaries Expense Insurance Expense Beg. Bal. 11,400 Beg. Bal. End. Bal. 11,400 End. Bal. Supplies Expense Beg. Bal. End. Bal.
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash 24,600 Accounts Receivable 15,400 Prepaid Insurance 12,000 Land 148,000 Accounts Payable 6,700 Deferred Revenue 5,800 Common Stock 143,000 Retained Earnings 44,500 Totals $200,000 $200,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $134,100, and on account, $52,200. 2. February 12 Collect on accounts receivable, $51,500. 3. April 25 Receive cash in advance from customers, $12,900. 4. May 6 Purchase supplies on account, $9,200. 5. July 15 Pay property taxes, $8,500. 6. September 10 Pay on accounts payable, $11,400. 7. October 31 Pay salaries, $123,600. 8. November 20 Issue shares of common stock in exchange for $27,000 cash. 9. December 30 Pay $2,800 cash dividends to stockholders. Cash Accounts Receivable Beg. Bal. 24,600 Beg. Bal. 15,400 End. Bal. 24,600 End. Bal. 15,400 Prepaid Insurance Supplies Beg. Bal. 12,000 Beg. Bal. End. Bal. 12,000 End. Bal. Land Accounts Payable Beg. Bal. 148,000 Beg. Bal. 6,700 End. Bal. 148,000 End. Bal. 6,700 Deferred Revenue Common Stock Beg. Bal. 5,800 Beg. Bal. 143,000 End. Bal. 5,800 End. Bal. 143,000 Retained Earnings Service Revenue Beg. Bal. 44,500 Beg. Bal. End. Bal. 44,500 End. Bal. Dividends Property Tax Expense Beg. Bal. 2,800 Beg. Bal. 3,500 End. Bal. 2,800 End. Bal. 3,500 Salaries Expense Insurance Expense Beg. Bal. 11,400 Beg. Bal. End. Bal. 11,400 End. Bal. Supplies Expense Beg. Bal. End. Bal.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 5PB: The transactions completed by AM Express Company during March 2016, the first month of the fiscal...
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Question
The general ledger of Zips Storage at January 1, 2021, includes the following account balances:
| Accounts | Debits | Credits |
| Cash | 24,600 | |
| 15,400 | ||
| Prepaid Insurance | 12,000 | |
| Land | 148,000 | |
| Accounts Payable | 6,700 | |
| Deferred Revenue | 5,800 | |
| Common Stock | 143,000 | |
| 44,500 | ||
| Totals | $200,000 | $200,000 |
The following is a summary of the transactions for the year:
| 1. | January | 9 | Provide storage services for cash, $134,100, and on account, $52,200. |
| 2. | February | 12 | Collect on accounts receivable, $51,500. |
| 3. | April | 25 | Receive cash in advance from customers, $12,900. |
| 4. | May | 6 | Purchase supplies on account, $9,200. |
| 5. | July | 15 | Pay property taxes, $8,500. |
| 6. | September | 10 | Pay on accounts payable, $11,400. |
| 7. | October | 31 | Pay salaries, $123,600. |
| 8. | November | 20 | Issue shares of common stock in exchange for $27,000 cash. |
| 9. | December | 30 | Pay $2,800 cash dividends to stockholders. |
|
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