Question

The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 26,600 17,400 16,000 168,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,700 7,800 163,000 48,500 $228,000 $ 228,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $154,100, and on account, $62,200. 2. February 12 Collect on accounts receivable, $53,500. 3. April 25 Receive cash in advance from customers, $14,900. 4. May 6 Purchase supplies on account, $13,200. 5. July 15 Pay property taxes, $10,500. 6. September 10 Pay on accounts payable, $13,400. 7. October 31 Pay salaries, $143,600. 8. November 20 Issue shares of common stock in exchange for $47,000 cash. 9. December 30 Pay $4,800 cash dividends to stockholders. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first ccount field.)

Answer 1

Journal Entries
Date	Particular	Debit	Credit
Jan-09	Cash	154100
	Account Receivable	62200
	Service Revenue		216300
	(service service provided)
Feb-12	Cash	53500
	Account Receivable		53500
	(Account receivable collected)
Apr-25	Cash	14900
	Advance Service revenue (liability)		14900
	(advance received from cuetomer)
May-06	Supplies	13200
	Account Payable		13200
	(purchase supplies on account
Jul-15	Property Tax	10500
	Cash		10500
	(property tax paid)
Sep-10	Account Payable	13400
	cash		13400
	(account payable paid)
Oct-31	Salaries	143600
	cash		143600
	(salaries paid)
Nov-20	Cash	47000
	Common Stock		47000
	(issue of common stock against cash)
Dec-30	Dividend	4800
	cash		4800
	(dividend paid)