Accounting Cycle #1 i Saved Help Sa 1 The general ledger of Zips Storage at January 1, 2018, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $ 25,400 16,200 13,600 156,000 100 points eBook $ 7,500 6,600 151,000 46,100 Print References Totals $ 211,200 $211,200 The following is a summary of the transactions for the year: a. January 9 Provide storage services for cash, $142,100, and on account, $56,200. b. February 12 Collect on accounts receivable, $52,300. c. April 25 Receive cash in advance from customers, $13,700. d. May Purchase supplies on account, $10,800. e. July 15 Pay property taxes, $9,300. f. September 10 Pay on accounts payable, $12,200. g. October 31 Pay salaries, $131,600. h. November 20 Issue shares of common stock in exchange for $35,000 cash. i. December 30 Pay $3,600 cash dividends to stockholders. The following information is available for the adjusting entries. Insurance expired during the year is $7,800. Supplies remaining on hand at the end of the year equal $3,700. Provide services of $12,600 related to cash paid in advance by customers. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. Post-closing Zips Storage Income Statement For the Year Ended December 31, 2018 Revenues: Total Revenues 0 Expenses: Total expenses 0 $ 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Post-closing Zips Storage Balance Sheet December 31, 2018 Liabilities Current liabilities: Assets Current assets: 0 Total current liabilities Stockholders' Equity Total current assets 0 Long-term assets: 0 Total stockholders' equity 0 Total liabilities and stockholders' equity Total assets $ $ 0
