70.2K

Verified Solution

Link Copied!

The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $136,100, and on account, $53,200. 2. February 12 Collect on accounts receivable, $1,700. 3. April 25 Receive cash in advance from custoners, $13,100. 4. Nay 6 Purchase supplies on account, $9,600. 5. July 15 Pay property taxes, $8,700. 6. September 10 Pay on accounts payable, $11,600. 7. october 31 pay salaries, $125,600. 8. November 20 Issue shares of cormon stock in exchange for $29,000 cash. 9. December 30 Pay $3,000 cash dividends to stockholders. Insurance expired during the year is $7,200. Supplies remaining on hand at the end of the year equal $3,100. Provide servic $12,000 related to cash paid in advance by customers. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 9 ). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 9 ). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 10 to 12). 3. Review the adjusted 'Trial Balance' as of December 31,2024. 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31,2024 in the 'Balance Sheet' tab. 6. Record thed closing entries in the 'General Joumal' tab (these are shown as items 13 to 15 ). Prepare the journal entries for transactions. (If no entry is required for a transaction/event, account field.) 8 Record the issuance of common stock in exchange for $29,000 cash. 9 Record the $3,000 cash dividends paid to stockholders. 10 Record the adjusting entry for insurance expired during the year of $7,200. 11 Supplies remaining on hand at the end of the year equal $3,100. Record the adjusting entry. 12 Provide services of $12,000 related to cash paid in advance by customers. Record the adjusting entry. 13 Record the entry to close the revenue accounts. Note : = journal entry has been entered $3,100. Record the adjusting entry. 12 Provide services of $12,000 related to cash paid in advance by customers. Record the adjusting entry. 13 Record the entry to close the revenue accounts. 14 Record the entry to close the expense accounts. 15 Record the entry to close the dividends account. Note : = journal entry has been entered

Answer & Explanation Solved by verified expert

See Answer