The general ledger of Zips Storage at January 1, 2024, includes the following account balances:...
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The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash $24,700 Accounts Receivable 15,500 Prepaid Insurance 12,200 Land 149,000 Accounts Payable $6,800 Deferred Revenue 5,900 Common Stock 144,000 Retained Earnings 44,700 Totals $201,400 $201,400 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $135,100, and on account, $52,700. 2. February 12 Collect on accounts receivable, $51,600. 3. April 25 Receive cash in advance from customers, $13,000. 4. May 6 Purchase supplies on account, $9,400. 5. July 15 Pay property taxes, $8,600. 6. September 10 Pay on accounts payable, $11,500. 7. October 31 Pay salaries, $124
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