Help needed in completing T-account problem! Thanks. The general ledger of Zips

Question

Help needed in completing T-account problem! Thanks.

The general ledger of Zips Storage at January 1, 2018, includes the following account balances: Debits Credits 25,400 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings 156,000 $ 7,500 6,600 151,000 46,100 Totals $211,200 $211,200 The following is a summary of the transactions for the year: a. January 9 Provide storage services for cash, $142,100, and on account, $56,200. b. February 12 Collect on accounts receivable, $52,300. c. April 25 Receive cash in advance from customers, $13,700 d. May 6 Purchase supplies on account, $10,800. e. July 15 Pay property taxes, $9,300. f. September 10 Pay on accounts payable, $12,200. g. September 10 Pay salaries, $131,600. h. November 20 Issue shares of common stock in exchange for $35,000 cash. i. December 30 Pay $3,600 cash dividends to stockholders j. Insurance expired during the year is $7,800. Supplies remaining on hand at the end of the year equal $3,700. Provide services of $12,600 related to cash paid in advance by customers.

Explanation / Answer

Cash Accounts Receivable Beg. Bal. 25,400 0 Beg. Bal. 16,200 0 a. 142,100 9,300 e. a. 56,200 52,300 b. b. 52,300 12,200 f. c. 13,700 131,600 g. h. 35,000 3,600 i. End. Bal. 111,800 End. Bal. 20,100 Prepaid Insurance Supplies Beg. Bal. 13,600 0 Beg. Bal. 0 0        7,800 Adj j. d. 10,800 7,100 Adj. j End. Bal. 5,800 End. Bal. 3,700 Land Accounts Payable Beg. Bal. 156,000 0 Beg. Bal. 0 7,500 f. 12,200 10,800 d. End. Bal. 156,000 End. Bal. 6,100 Deferred Revenue Common Stock Beg. Bal. 0 6,600 Beg. Bal. 0 151,000 ADJ. j. 12,600 13,700 c. 35,000 h. End. Bal. 7,700 End. Bal. 186,000 Retained Earnings Service Revenue Beg. Bal. 0 46,100 Beg. Bal. 0 0 198,300 a. 12,600 ADJ. j. End. Bal. 46,100 End. Bal. 210,900 Dividends Property Tax Expense Beg. Bal. 0 0 Beg. Bal. 0 0 i. 3,600 e. 9,300 End. Bal. 3,600 End. Bal. 9,300 Salaries Expense Insurance Expense Beg. Bal. 0 0 Beg. Bal. 0 0 g.        131,600 ADJ. j. 7,800 0 End. Bal. 131,600 End. Bal. 7,800 Supplies Expense Beg. Bal. 0 0 Adj. j 7,100 0 End. Bal. 7,100 unadjusted Adjustments Adjusted Debit Credit Debit Credit Debit Credit Cash 111800 111800 Accounts Receivable 20100 20100 Prepaid Insurance 13600 7800 5800 Supplies 10800 7100 3700 Land 156000 156000 Accounts payable 6100 6100 Deferred revenue 20300 12600 7700 Common Stock 186000 186000 Retained earnings 46100 46100 Service Revenue 198300 12600 210900 Dividends 3600 3600 Property tax expense 9300 9300 Salaries expense 131600 131600 insurance expense 0 7800 7800 supplies expense 0 7100 7100 Total 456800 456800 27500 27500 456800 456800

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