Question

The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 25,500 16,300 13,800 157,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7,600 6,700 152,000 46,300 $212,600 $212,600 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $143, 100, and on account, $56,700. 2. February 12 Collect on accounts receivable, $52,400. 3. April 25 Receive cash in advance from customers, $13,800. 4. May 6 Purchase supplies on account, $11,000. 5. July 15 Pay property taxes, $9,400. 6. September 10 Pay on accounts payable, $12,300. 7. October 31 Pay salaries, $132,600. 8. November 20 Issue shares of common stock in exchange for $36,000 cash. 9. December 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.

Please answer with a full journal entry.

Answer 1

Journal Entries Credit S.No. 1 Date Jan-09 Description Debit Cash $ 143,100 Accounts Receivable $ 56,700 Service Revenue (To record storage services provided for cash and on account) $ 199,800 2 Feb-12 $ 52,400 Cash Accounts Receivable (To record cash received on account) $ 52,400 3 Apr-25 $ 13,800 Cash Unearned Revenue (To record advance received for services) $ 13,800 4 May-06 $ 11,000 Supplies Accounts Payable (To record office supplies purchased on account) $ 11,000 5 Jul-15 $ 9,400 Property tax expense Cash (To record property tax paid) $ 9,400 6 Sep-10 $ 12,300 Accounts Payable Cash (To record cash paid on account) $ 12,300 7 Oct-31 $ 132,600 Salaries Expense Cash (To record salaries paid in cash) $ 132,600 00 8 Nov-20 $ $ 36,000 Cash Common Stock (To record issue of common stock for cash) $ 36,000

9 Dec-30 $ 3,700 Dividends Cash (To record withdrawals) $ 3,700 10 Dec-31 $ 7,900 Insurance Expense Prepaid Insurance (To record insurance expired) $ 7,900 11 Dec-31 $ 7,200 Supplies expense (11000-3800) Supplies (To record supplies consumed) $ 7,200 12 Dec-31 $ 12,700 Unearned Revenue Service Revenue (To record services provided) $ 12,700 13 Dec-31 $ 212,500 Service Revenue Income Summary (To record closing entry for revenue) $ 212,500 14 Dec-31 $ 157,100 Income Summary Property Tax expense Salaries expense Insurance expense Supplies expense (To record closing entry for expense) $ $ $ $ 9,400 132,600 7,900 7,200 15 Dec-31 $ 3,700 Income Summary Dividends (To record closing entry for dividend) $ 3,700