Business, 08.02.2021 19:20, igtguith

The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits
Cash $25,800
Account Receivable $16,600
Prepaid Insurance 14,4000
Land 160,000
Accounts $7,900
Deferrred Revenue $7,000
Common stock 155,000
Retained Earnings 46,900
Totals $216,800 $216,800

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

1. January 9 Provide storage services for cash, $146,100, and on account, $58,200.
2. February 12 Collect on accounts receivable, $52,700.
3. April 25 Receive cash in advance from customers, $14,100.
4. May 6 Purchase supplies on account, $11,600.
5. July 15 Pay property taxes, $9,700.
6. September 10 Pay on accounts payable, $12,600.
7. October 31 Pay salaries, $135,600.
8. November 20 Issue shares of common stock in exchange for $39,000 cash.
9. December 30 Pay $4,000 cash dividends to stockholders.

Insurance expired during the year is $8,200. Supplies remaining on hand at the end of the year equal $4,100. Provide services of $13,000 related to cash paid in advance by customers.

Answers: 1

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