Question

Credits Debits $ 25,200 16,000 13,200 154,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7,300 6,400 149,000 45,700 $208,400 $ 208,400 The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $140, 100, and on account, $55,200. 2. February 12 Collect on accounts receivable, $52,100. 3. April 25 Receive cash in advance from customers, $13,500. 4. May 6 Purchase supplies on account, $10,400. 5. July 15 Pay property taxes, $9, 100. 6. September 10 Pay on accounts payable, $12,000 7. October 31 Pay salaries, $129,600. 8. November 20 Issue shares of common stock in exchange for $33,000 cash. 9 December 30 Pay $3,400 cash dividends to stockholders. Insurance expired during the year is $7,600. Supplies remaining on hand at the end of the year equal $3.500. Provide services $12.400 related to cash paid in advance by customers. Prey 1 of 1 Next a o search

Answer 1

Date	Account Titles	Debit	Credit
9-Jan	Cash	$      140,100
	Accounts Receivable	$        55,200
	Service Revenue		$      195,300
12-Feb	Cash	$        52,100
	Accounts Receivable		$        52,100
25-Apr	Cash	$        13,500
	Deferred Revenue		$        13,500
6-May	Supplies	$        10,400
	Accounts Payable		$        10,400
15-Jul	Property Tax Expense	$          9,100
	Cash		$          9,100
10-Sep	Accounts Payable	$        12,000
	Cash		$        12,000
31-Oct	Salaries Expense	$      129,600
	Cash		$      129,600
20-Nov	Cash	$        33,000
	Common Stock		$        33,000
30-Dec	Retained Earnings / Dividend	$          3,400
	Cash		$          3,400
	Adjusting entries
31-Dec	Insurance Expense	$          7,600
	Prepaid Insurance		$          7,600
31-Dec	Supplies Expense	$          6,900
	Supplies		$          6,900
31-Dec	Deferred Revenue	$        12,400
	Service Revenue		$        12,400

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