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Accounting Cycle #1 i Saved Help Sa 1 The general ledger of Zips Storage at January 1, 2018, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $ 25,400 16,200 13,600 156,000 100 points eBook $ 7,500 6,600 151,000 46,100 Print References Totals $ 211,200 $211,200 The following is a summary of the transactions for the year: a. January 9 Provide storage services for cash, $142,100, and on account, $56,200. b. February 12 Collect on accounts receivable, $52,300. c. April 25 Receive cash in advance from customers, $13,700. d. May Purchase supplies on account, $10,800. e. July 15 Pay property taxes, $9,300. f. September 10 Pay on accounts payable, $12,200. g. October 31 Pay salaries, $131,600. h. November 20 Issue shares of common stock in exchange for $35,000 cash. i. December 30 Pay $3,600 cash dividends to stockholders. The following information is available for the adjusting entries. Insurance expired during the year is $7,800. Supplies remaining on hand at the end of the year equal $3,700. Provide services of $12,600 related to cash paid in advance by customers. View transaction list Journal entry worksheet 1 2 3 4 5 6 8 15 > Provide storage services for cash, $142,100, and on account, $56,200. Note: Enter debits before credits. Date General Journal Debit Credit January 09 Record entry Clear entry View general journal View transaction list Journal entry worksheet Collect on accounts receivable, $52,300. Note: Enter debits before credits. Date General Journal Debit Credit February 12 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 15 > Receive cash in advance from customers, $13,700 Note: Enter debits before credits. Date General Journal Debit Credit April 25 Record entry Clear entry View general journal View transaction list Journal entry worksheet Purchase supplies on account, $10,800 Note: Enter debits before credits. Date General Journal Debit Credit May 06 Record entry Clear entry View general journal View transaction list Journal entry worksheet View transaction list Journal entry worksheet 2 3 4 5 6 7 8 15 Pay salaries, $131,600 Note: Enter debits before credits. Date General Journal Debit Credit October 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet Prepare the adjusting entry for supplies. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 7 8 9 10 11 12 15 Prepare the adjusting entry for revenue earned. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet 8 9 10 11 12 13 15 IIII. > Prepare the closing entry for revenue. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal

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