Question

In: Accounting

The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts...

The general ledger of Zips Storage at January 1, 2021, includes the following account balances:

Accounts Debits Credits
Cash $ 25,000
Accounts Receivable 15,800
Prepaid Insurance 12,800
Land 152,000   
Accounts Payable $ 7,100
Deferred Revenue 6,200
Common Stock 147,000
Retained Earnings 45,300
Totals $ 205,600 $ 205,600

The following is a summary of the transactions for the year:

1. January 9 Provide storage services for cash, $138,100, and on account, $54,200.
2. February 12 Collect on accounts receivable, $51,900.
3. April 25 Receive cash in advance from customers, $13,300.
4. May 6 Purchase supplies on account, $10,000.
5. July 15 Pay property taxes, $8,900.
6. September 10 Pay on accounts payable, $11,800.
7. October 31 Pay salaries, $127,600.
8. November 20 Issue shares of common stock in exchange for $31,000 cash.
9. December 30 Pay $3,200 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.)

Prepare an unadjusted trial balance, as well.

Solutions

Expert Solution

for calculations for unadjusted trial balance, refer to the next image -

ekkarill92 answered 1 month ago
Next > < Previous

Related Solutions

The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts...
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 25,700 Accounts Receivable 16,500 Prepaid Insurance 14,200 Land 159,000    Accounts Payable $ 7,800 Deferred Revenue 6,900 Common Stock 154,000 Retained Earnings 46,700 Totals $ 215,400 $ 215,400 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $145,100, and on account, $57,700. 2. February 12 Collect on accounts receivable, $52,600....
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts...
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Credit Cash $ 101,500 Accounts Receivable 34,600 Inventory 152,300 Land 70,300 Buildings 123,000 Allowance for Uncollectible Accounts $ 2,100 Accumulated Depreciation 9,900 Accounts Payable 21,000 Bonds Payable 123,000 Discount on Bonds Payable 30,300 Common Stock 203,000 Retained Earnings 153,000 Totals $ 512,000 $ 512,000 During January 2021, the following transactions occurred: January 1 Borrowed $103,000 from Captive Credit Corporation. The installment note bears...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 4,450 Accounts Receivable 9,450 Supplies 3,450 Equipment 35,000    Accumulated Depreciation $ 7,800 Accounts Payable 5,800 Utilities Payable 6,800 Deferred Revenue 0 Common Stock 22,500 Retained Earnings 9,450 Totals $ 52,350 $ 52,350 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $19,500, and on account, $64,500. 2. March 13...
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts...
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 44,500 Accounts Receivable 28,700 Land 113,800 Accounts Payable 15,600 Notes Payable (due in 2 years) 33,000 Common Stock 103,000 Retained Earnings 35,400 Totals $ 187,000 $ 187,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $65,400. 2. February 25 Provide services to customers for cash, $76,800. 3. March...
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts...
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Credit Cash $ 102,700 Accounts Receivable 37,000 Inventory 153,500 Land 82,300 Buildings 135,000 Allowance for Uncollectible Accounts $ 3,300 Accumulated Depreciation 11,100 Accounts Payable 34,200 Bonds Payable 135,000 Discount on Bonds Payable 31,500 Common Stock 215,000 Retained Earnings 143,400 Totals $ 542,000 $ 542,000 During January 2021, the following transactions occurred: January 1 Borrowed $115,000 from Captive Credit Corporation. The installment note bears...
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts...
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Credit Cash $ 13,200 Accounts Receivable 38,000 Inventory 154,000 Land 87,300 Buildings 140,000 Allowance for Uncollectible Accounts $ 3,800 Accumulated Depreciation 11,600 Accounts Payable 39,700 Common Stock 220,000 Retained Earnings 157,400 Totals $ 432,500 $ 432,500 During January 2021, the following transactions occur: January 1 Borrow $120,000 from Captive Credit Corporation. The installment note bears interest at 5% annually and matures in 5...
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts...
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash $ 24,500 Accounts Receivable 5,900 Supplies 3,800 Land 57,000 Accounts Payable $ 3,900 Common Stock 72,000 Retained Earnings 15,300 Totals $ 91,200 $ 91,200 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $8,100 ($675/month). January 9 Purchase additional supplies on account, $4,200. January 13 Provide services to customers on account, $26,200. January...
On January 1, 2021, the general ledger of Parts Unlimited includes the following account balances: Accounts...
On January 1, 2021, the general ledger of Parts Unlimited includes the following account balances: Accounts Debit Credit Cash $ 176,400 Accounts Receivable 26,400 Inventory 51,800 Land 354,000 Equipment 380,500 Accumulated depreciation $ 186,000 Accounts Payable 28,800 Common stock 534,000 Retained Earnings 240,300 Totals $ 989,100 $ 989,100 From January 1 to December 31, the following summary transactions occurred: Purchased inventory on account, $339,800. Sold inventory on account, $621,200. The inventory cost $356,600. Received cash from customers on account, $572,700....
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts...
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,500 Accounts Receivable 47,000 Allowance for Uncollectible Accounts $ 4,600 Inventory 20,400 Land 50,000 Equipment 17,000 Accumulated Depreciation 1,900 Accounts Payable 28,900 Notes Payable (6%, due April 1, 2022) 54,000 Common Stock 39,000 Retained Earnings 31,500 Totals $ 159,900 $ 159,900 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,800. The cards are redeemable for...
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts...
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,500 Accounts Receivable 47,000 Allowance for Uncollectible Accounts $ 4,600 Inventory 20,400 Land 50,000 Equipment 17,000 Accumulated Depreciation 1,900 Accounts Payable 28,900 Notes Payable (6%, due April 1, 2022) 54,000 Common Stock 39,000 Retained Earnings 31,500 Totals $ 159,900 $ 159,900 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,800. The cards are redeemable for...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT