50.1K

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, $143,100, and on account, $56,709. 2. February 12 Collect on accounts receivable, $52,490. 3. April 25 Receive cash in advance from custoners, $13,800. 4. May 6 Purchase supplies on account, $11,000 5. 3uly 15 Pay property taxes, $9,400. 6. September 10 Pay on accounts payable, $12,300. 7. October 31 Pay salaries, $132,690. 8. November 20 Issue shares of comon stock in exchange for $36,600 cash. 9. Decesber 30 Pay $3,700 cash dividends to stockholders. Insurance expired during the year is $7,900. Supplies remaining on hand at the end of the year equal $3,800. Provide services of $12,700 related to cash paid in advance by customers. Prepare the fournal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld.) Noti: Enter debits before credits 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, $143,100, and on account, $56,709. 2. February 12 Collect on accounts receivable, $52,490. 3. April 25 Receive cash in advance from custoners, $13,800. 4. May 6 Purchase supplies on account, $11,000 5. 3uly 15 Pay property taxes, $9,400. 6. September 10 Pay on accounts payable, $12,300. 7. October 31 Pay salaries, $132,690. 8. November 20 Issue shares of comon stock in exchange for $36,600 cash. 9. Decesber 30 Pay $3,700 cash dividends to stockholders. Insurance expired during the year is $7,900. Supplies remaining on hand at the end of the year equal $3,800. Provide services of $12,700 related to cash paid in advance by customers. Prepare the fournal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld.) Noti: Enter debits before credits

Answer & Explanation Solved by verified expert

See Answer