Question

jeneral ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 25,400 16,200 13,600 156,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7.500 6,600 151,000 46,100 $211,200 $211,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, 5142,100, and on account, $56,200. 2. February 12 Collect on accounts receivable, $52,300. 3. April 25 Receive cash in advance from customers, $13,700. 4. May 6 Purchase supplies on account, $10,800. 5. July 15 Pay property taxes, $9,300. 6. September 10 Pay on accounts payable, $12,200. 7. October 31 Paysalaries, $131,600. 8. November 20 Innue shares of common stock in exchange for $35,000 cash. 9. December 30 Pay $3,600 cash dividends to stockholders. 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. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.)

Answer 1

Date 9 January Journal entries. General Journal Debit Cash Ale D418 142100 Account Receivable Al Dr. 856200. To senulces Ale (for services provided on Cash $ on credit) $198300 12 February Cash All DEI $52300 - To Alwut Receivable ! (for 852000 received from customers 1852 25 Apill $13700 $13700 Cash All To for advince Customer Dr. Advance from customer Alc recolved frou $18700) 6 may Purchase Ale $10800 15 July 89300 Ds, Blogoo To account Payable Al (for Purchase made on credit terms] Property Tax All D & 9900 To Cash Ale for faid Preferty taxes account Payable Ale Ds & 12200 To cash tle (for umeunt paid to creditor / suppliers Sularies All DS131600 To Cash AG for salaries Puid & 131600 losept $ 12.200 131600

$35000 Do Novemb CashAle To COMMON Stock Hile (for shares issued a $35000) 1835000 30 Decembe Dividend All & 3600 Ds. To Casa Alc paid to Stockeholders 83600. (for Dividend 51 st Dec / euble & 7800 Insurance All D To Prefaid dusurance Al- (for Insurance expired for & 7800) 87800 $ 1260o 31st Deceuby Advance from customer All Ds, To sequile ale (for $12600 advance by customer Canice Provided) $12600