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The general ledger of Zips Storage at January includes the following account balances:
The following is a summary of the transactions for the year:
January Provide storage services for cash, $ and on account, $
February Collect on accounts receivable, $
April Receive cash in advance from customers, $
May Purchase supplies on account, $
July Pay property taxes, $
September Pay on accounts payable, $
October Pay salaries, $
November Issue shares of common stock in exchange for $ cash.
December Pay $ cash dividends to stockholders.
& Post the transactions, adjusting entries and closing entries to the accounts. Be sure to include beginning balances.
