Business, 06.03.2021 03:30 lillielupfer6955

The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits
Cash $26,300
Accounts Receivable 17,100
Prepaid Insurance 15,400
Land 165,000
Accounts Payable $8,400
Deferred Revenue 7,500
Common Stock 160,000
Retained Earnings 47,900
Totals $223,800 $223,800

The following is a summary of the transactions for the year:

1. January 9 Provide storage services for cash, $151,100, and on account, $60,700.
2. February 12 Collect on accounts receivable, $53,200.
3. April 25 Receive cash in advance from customers, $14,600.
4. May 6 Purchase supplies on account, $12,600.
5. July 15 Pay property taxes, $10,200.
6. September 10 Pay on accounts payable, $13,100.
7. October 31 Pay salaries, $140,600.
8. November 20 Issue shares of common stock in exchange for $44,000 cash.
9. December 30 Pay $4,500 cash dividends to stockholders.

Insurance expired during the year is $8,700. Supplies remaining on hand at the end of the year equal $4,600. Provide services of $13,500 related to cash paid in advance by customers.

Required:
a. Prepare a post-closing trial balance.
b. Prepare an unadjusted trial balance
c. Prepare an adjusted trial balance.
d. Prepare the income statement for the year ended December 31, 2021.

Answers: 2

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The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Acc...