15 The general ledger of Zips Storage at January 1, 2021, includes the following account balances: 10 points Accounts Cash Debits Credits $ 25,900 Accounts Receivable eBook Prepaid Insurance Land Common Stock Accounts Payable Deferred Revenue Print Retained Earnings Totals References 16,700 14,600 161,000 $ 8,000 7,100 156,000 47,100 $218,200 $218,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $147,100, and on account, $58,700. 2. February 12 Collect on accounts receivable, $52,800. 3. April 4. May 5. July 25 Receive cash in advance from customers, $14,200. 6 Purchase supplies on account, $11,800. 15 Pay property taxes, $9,800. 6. September 10 Pay on accounts payable, $12,700. 7. October 31 Pay salaries, $136,600. 8. November 20 Issue shares of common stock in exchange for $40,000 cash. 9. December 30 Pay $4,100 cash dividends to stockholders. Insurance expired during the year is $8,300. Supplies remaining on hand at the end of the year equal $4,200. Provide services of $13,100 related to cash paid in advance by customers. Requirement General Journal General Ledger Income Trial Balance Balance Sheet Statement Check my work 15 7 October 31 Salaries Expense 136,600 Cash 136,600 8 November 20 Cash 10 points 40,000 Common Stock 40,000 eBook Print References Mc Graw 9 December 30 Dividends Cash 4,100 4,100 10 December 31 Insurance Expense 8,300 Prepaid Insurance 8,300 11 December 31 Supplies Expense Supplies 12 December 31 Deferred Revenue Service Revenue 13 December 31 No Journal Entry Required 14 December 31 No Journal Entry Required 15 December 31 No Journal Entry Required < Requirement General Ledger > Prev 15 of 16 7,600 7,600 13,100 13,100 Next General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Zips Storage Income Statement For the Year Ended December 31, 2021 Revenues: Service Revenue Total Revenues Expenses: Salaries Expense Supplies Expense Insurance Expense Property Tax Expense Total Expenses Net Income $ 218,900 4444 136,600 7,600 8,300 9,800 $ 218,900 162,300 56,600 Requirement General General Trial Balance Journal Ledger Income Statement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on th balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted Zips Storage Balance Sheet December 31, 2021 Assets Current Assets: Cash Liabilities Current Liabilities: $ 116,800 Accounts Payable Accounts Receivable Prepaid Insurance Supplies 22,600 Deferred Revenue 6,300 4,200 Total Current Liabilities $ 7,100 8,200 15,300 Stockholders' Equity Total current assets 149,900 Common Stock 196,000 Long-term Assets: Land Retained Earnings 99,600 161,000 0 0 Total Stockholders' Equity 295,600 Total assets $ 310,900 Total Liabilities and Stockholders' Equity $ 310,900 < Income Statement Balance Sheet >