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

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Accounting

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

Accounts Debits Credits
Cash $ 24,900
Accounts Receivable 15,700
Prepaid Insurance 12,600
Land 151,000
Accounts Payable $ 7,000
Deferred Revenue 6,100
Common Stock 146,000
Retained Earnings 45,100
Totals $ 204,200 $ 204,200

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

1. January 9 Provide storage services for cash, $137,100, and on account, $53,700.
2. February 12 Collect on accounts receivable, $51,800.
3. April 25 Receive cash in advance from customers, $13,200.
4. May 6 Purchase supplies on account, $9,800.
5. July 15 Pay property taxes, $8,800.
6. September 10 Pay on accounts payable, $11,700.
7. October 31 Pay salaries, $126,600.
8. November 20 Issue shares of common stock in exchange for $30,000 cash.
9. December 30 Pay $3,100 cash dividends to stockholders.

11. Prepare a post-closing trial balance.

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