The genersl ledger of Zips Storage st January 1, 2021, Includes the following sccount balances:AccountsDibitsCredits$ 25,68017,480CashAccounts ReceivablePrepaid InsuranceLandAccounts PayableDeferred Revenue168,000S 8, 700Cormon Stock163,80e48, S0Retained EarningsTotals$28,000$228, 00The following isa summary of the transactions for the yesar.1. January2. February 12 collect on accounts receivable, $53,580.3. April4. ay5. July6. Septenber 1e Pay on accounts payable, $13,480.7. October8. Novenber 20 Issue shars of common stock in exchange for $47,80e cash.9. December 38 Pay $4,88e cash dividends to stockhalders.9 Provide storage services for cash, $154, 188, and on account, $62,200.25 Receive cash in advance from custoners, $14,980.6 Purchase supplies on account, $13,280.15 Pay property taxes, $10, sae.31 Pay salaries, $143,680.Insurance explred during the year is $9,000. Supplies remaining on hand st the end of the year equal $4,900. Provide services of$13,900 relsted to cesh paid in advance by customers.வெவாaிJournalGeneralIcomeStatementRaquirementTrial BalanceBalance SheetLedgerPrepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No joumal entry required" in the firstaccount field.)Vw jourmaltry workaheetVaw truchom latNoDateGenaral JournalDebitCreditJanuary 09Insurance ExpensePrapaid Insurance( RequirementGeneral Ledger>

The genersi leciger of Zips Storege st January 1,2021, includes the following sccount beiances: Accounts Diits Cradits Cash $ 25,5e 17,4e 15,88e 158, Accounts Racelivable Prepaid Insurance Land Accounts Payale S R,70 7, Deferred Reveone Common Stock Retained Earings Totals $228,8e s228,8ee The following isa summary of the transactions for the year. 1. January 2. February 12 Collect on accounts receivatle, s53,sae. 3. April 9 Provide storage services far cash, $154, 18e, and an account, 562,20e. 25 Receive cash in advance froe custoners, s14,90e. 6 Purchase supplies an account, $13,28e. 15 Pay property taxes, sae, see. 6. Saptenter 1e Pay an accounts payable, S13,48e. 31 Pay salaries, $143,5ee. 4. ay 7. Octuber 8. Novenber 2e Issue shares of comon stack in exchange for s47,8se cash. 9. Decenber 30 Pay S4,8e cash dividends to stocihalders. Insurance explred during the year is S9.000. Supplies remaining on hand stthe end of the year equal $4900. Provide senices of $13.800 reisted to cesh pald in advance by customers.

The genersi leciger of Zips Storege st January 1,2021, includes the following sccount beiances: Accounts Diits Cradits Cash $ 25,5e 17,4e 15,88e 158, Accounts Racelivable Prepaid Insurance Land Accounts Payale S R,70 7, Deferred Reveone Common Stock Retained Earings Totals $228,8e s228,8ee The following isa summary of the transactions for the year. 1. January 2. February 12 Collect on accounts receivatle, s53,sae. 3. April 9 Provide storage services far cash, $154, 18e, and an account, 562,20e. 25 Receive cash in advance froe custoners, s14,90e. 6 Purchase supplies an account, $13,28e. 15 Pay property taxes, sae, see. 6. Saptenter 1e Pay an accounts payable, S13,48e. 31 Pay salaries, $143,5ee. 4. ay 7. Octuber 8. Novenber 2e Issue shares of comon stack in exchange for s47,8se cash. 9. Decenber 30 Pay S4,8e cash dividends to stocihalders. Insurance explred during the year is S9.000. Supplies remaining on hand stthe end of the year equal $4900. Provide senices of $13.800 reisted to cesh pald in advance by customers.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The beginning and ending balances in cach of the balance sheet accounts of the Mexieо Соmpany aгe яs follows: Dec. 31, 2019 P260,000 180,000 400,000 50,000 P890,000 P1,200,000 1,000,000 Dec. 31, 2020 (ash P100,000 Accounts recivable 360,000 Inventory Prepaid insurance Total current assets 460,000 30,000 P950,000 P1.500,000 Land Plant & equipment Accumulated depreciation 1,400.000 (400,000) P1,800,000 (500,000) P2,400,000 Total non-current assets Total assets P2,690,000 Р3,350.000 P 300,000 200,000 P 260.060 132.000 Accounts payable Accrued operating expenses Interest payable Income taxes payabie Tota! current liabilities Bonds payable 30,000 20,000 122,000 P 642,000 600,000 800,000 648,000 150.000 P 572.600 700,000 1,100,000 Common stock Retained earnings 978,005 Total liabilities & equity P2,690,000 P3,350,000 ===== =====H= The forccast income stateinent for the Mexico Company for 2020 is presented helow: Sales P2,500,000 LJ00,000 PI,100,000 Cost of sales Gross profit Operating…