The general ledger of Zips Storage at January 1 2018 include

The general ledger of Zips Storage at January 1, 2018, includes the following account balances:

   

   

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

January 9 Provide storage services for cash, $134,100, and on account, $52,200.

February 12 Collect on accounts receivable, $51,500.

April 25 Receive cash in advance from customers, $12,900.

May 6 Purchase supplies on account, $9,200.

July 15 Pay property taxes, $8,500.

September 10 Pay on accounts payable, $11,400.

October 31 Pay salaries, $123,600.

November 20 Issue shares of common stock in exchange for $27,000 cash.

December 30 Pay $2,800 cash dividends to stockholders.

Insurance expired during the year is $7,000. Supplies remaining on hand at the end of the year equal $2,900. Provide services of $11,800 related to cash paid in advance by customers.

Accounts	Debits	Credits
Cash	$	24,600
Accounts Receivable		15,400
Prepaid Insurance		12,000
Land		148,000
Accounts Payable				$	6,700
Deferred Revenue					5,800
Common Stock					143,000
Retained Earnings					44,500
Totals	$	200,000		$	200,000

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Solution

Adjustments & Closing Enteries:

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Unadjusted Trial Balance
Accounts	Debits	Credits
Cash	$ 103,800.00
Accounts Receivable	$    16,100.00
Prepaid Insurance	$    12,000.00
Land	$ 148,000.00
Supplies	$      9,200.00
Accounts Payable		$      4,500.00
Deferred Revenue		$    18,700.00
Common Stock		$ 170,000.00
Retained Earnings		$    44,500.00
Service Revenue		$ 186,300.00
Dividends	$      2,800.00
Property Tax	$      8,500.00
Salaries Expesnes	$ 123,600.00
Insurance Expenses
Supplies Expenses
Totals	$ 424,000.00	$ 424,000.00