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The general ledger of Zips Storage at January 1, 2024, includes the following account balances:
\begin{tabular}{lrr}
\hline Accounts & Debits & Credits \\
\hline Cash & \( \$ 25,800 \) & \\
Accounts Receivable & 16,600 & \\
Prepaid Insurance & 14,400 & \\
Land & 160,000 & \\
Accounts Payable & & \( \$ 7,900 \) \\
Deferred Revenue & & 7,000 \\
Common Stock & & 155,000 \\
Retained Earnings & & 46,900 \\
\hline \multicolumn{1}{l|}{ Totals } & \( \$ 216,800 \) & \( \$ 216,800 \) \\
\hline
\end{tabular}
The following is a summary of the transactions for the year:
1. January 9 Provide storage services for cash, \( \$ 146,100 \), and on account, \( \$ 58,200 \).
2. February 12 Collect on accounts receivable, \$52,700.
3. April 25 Receive cash in advance from customers, \( \$ 14,100 \).
4. May \( 6 \quad \) Purchase supplies on account, \( \$ 11,600 \).
5. July 15 Pay property taxes, \( \$ 9,700 \).
6. September 10 Pay on accounts payable, \$12,600.
7. October 31 Pay salaries, \$135,600.
8. November 20 Issue shares of common stock in exchange for \( \$ 39,000 \) cash.
9. December 30 Pay \( \$ 4,000 \) cash dividends to stockholders.
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Answer is complete but not entirely correct.