Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following is a summary of the transactions for

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

50.1K

Verified Solution

Question

Accounting

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

1. January 9 Provide storage services for cash, $145,100, and on account, $57,700.
2. February 12 Collect on accounts receivable, $52,600.
3. April 25 Receive cash in advance from customers, $14,000.
4. May 6 Purchase supplies on account, $11,400.
5. July 15 Pay property taxes, $9,600.
6. September 10 Pay on accounts payable, $12,500.
7. October 31 Pay salaries, $134,600.
8. November 20 Issue shares of common stock in exchange for $38,000 cash.
9. December 30 Pay $3,900 cash dividends to stockholders.

Insurance expired during the year is $8,100. Supplies remaining on hand at the end of the year equal $4,000. Provide services of $12,900 related to cash paid in advance by customers.

And record adjusting entries:

Record the adjusting entry for insurance expired during the year, $8,100.

Record the adjusting entry for supplies remaining on hand at the end of the year equal to $4,000.

Record the adjusting entry for the revenue earned. Provided services of $12,900 related to cash paid in advance by customers.

For closing entries,, there is not a "Income Summary" account please help :/

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students