ccounting Lab Project 1- Complete full accounting cycle Saved 4 Part 3 of 8 [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts 277 points eBook Print References Mc Graw Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits Credits $24,600 15,400 12,000 148,000 $6,700 5,800 $200,000 143,000 44,500 $200,000 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $134,100, and on account, $52,200. Collect on accounts receivable, $51,500. Receive cash in advance from customers, $12,900. Purchase supplies on account, $9,200. Pay property taxes, $8,500. Pay on accounts payable, $11,400. Pay salaries, $123,600. Issue shares of common stock in exchange for $27,000 cash. Pay $2,800 cash dividends to stockholders. 5. Record adjusting entries. Insurance expired during the year is $7,000. Supplies remaining on hand at the end of the year e $2,900. Provide services of $11,800 related to cash paid in advance by customers. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Viewtransaction list.
ccounting Lab Project 1- Complete full accounting cycle Saved 4 Part 3 of 8 [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts 277 points eBook Print References Mc Graw Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits Credits $24,600 15,400 12,000 148,000 $6,700 5,800 $200,000 143,000 44,500 $200,000 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $134,100, and on account, $52,200. Collect on accounts receivable, $51,500. Receive cash in advance from customers, $12,900. Purchase supplies on account, $9,200. Pay property taxes, $8,500. Pay on accounts payable, $11,400. Pay salaries, $123,600. Issue shares of common stock in exchange for $27,000 cash. Pay $2,800 cash dividends to stockholders. 5. Record adjusting entries. Insurance expired during the year is $7,000. Supplies remaining on hand at the end of the year e $2,900. Provide services of $11,800 related to cash paid in advance by customers. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Viewtransaction list.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 7SEB: JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a...
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