Question

Required information The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 26,600 17,400 16,000 168,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,700 7,800 163,000 48,500 $228,000 $228,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $154,100, and on account, $62,200. 2. February 12 Collect on accounts receivable, $53,500. 3. April 25 Receive cash in advance from customers, $14,900. 4. May 6 Purchase supplies on account, $13,200. 5. July 15 Pay property taxes, $10,500. 6. September 10 Pay on accounts payable, $13,400. 7. October 31 Pay salaries, $143,600. 8. November 20 Issue shares of common stock in exchange for $47,000 cash. 9. December 30 Pay $4,800 cash dividends to stockholders. 2. Record each of the summary transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1

Date		Account titles and explanation		Debit(in $)	Credit(in $)
	Jan-09	Cash		1,54,100
		Accounts Receivable		62,200
		Service Revenue			2,16,300
	Feb-12	Cash		53,500
		Accounts Receivable			53,500
	Apr-25	Cash		14,900
		Unearned revenues			14,900
	May-06	Supplies		13,200
		Accounts Payable			13,200
	Jul-15	Property Taxes		10,500
		Cash			10,500
	Sep-10	Accounts Payable		13,400
		Cash			13,400
	Oct-31	Salaries expenses		1,43,600
		Cash			1,43,600
	Nov-20	Cash		47,000
		Common Stock			47,000
	Dec-30	Retained earnings		4,800
		Cash			4,800