The following is a summary of the transactions for the year: ...
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Accounting
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.
3.
April
25
Receive cash in advance from customers, $14,000.
4.
May
6
Purchase supplies on account, $11,400.
5.
July
15
Pay property taxes, $9,600.
6.
September
10
Pay on accounts payable, $12,500.
7.
October
31
Pay salaries, $134,600.
8.
November
20
Issue shares of common stock in exchange for $38,000 cash.
9.
December
30
Pay $3,900 cash dividends to stockholders.
Insurance expired during the year is $8,100. Supplies remaining on hand at the end of the year equal $4,000. Provide services of $12,900 related to cash paid in advance by customers.
And record adjusting entries:
Record the adjusting entry for insurance expired during the year, $8,100.
Record the adjusting entry for supplies remaining on hand at the end of the year equal to $4,000.
Record the adjusting entry for the revenue earned. Provided services of $12,900 related to cash paid in advance by customers.
For closing entries,, there is not a "Income Summary" account please help :/
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