Accounting Cycle Demo 2 The general ledger of Zip Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 24,600 Accounts Receivable 15,400 Prepaid Insurance 12,000 Land 148,000 Accounts Payable $ 6,700 Deferred Revenue 5,800 Common Stock 143,000 Retained Earnings 44,500 Totals $200,000 $200,000 The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $134,100, and on account, $52,200. 2. February 12 Collect on accounts receivable, $51,500. 3. April 25 Receive cash in advance from customers, $12,900. 4. May 6 Purchase supplies on account, $9,200. 5. July 15 Pay property taxes, $8,500. 6. September 10 Pay on accounts payable, $11,400 7. October 31 Pay salaries, $123,600. 8. November 20 Issue shares of common stock in exchange for $27,000 cash. 9. December 30 Pay $2,800 cash dividends to stockholders. Record adjusting entries. Insurance expired during the year is $7.000. Supplies remaining on hand at the end of the year equal $2,900. Provide services of $11,800 related to cash paid in advance by customers. Required: 1. Prepare a complete set of accounting records and financial statements for 2021 for ZIP Storage. This includes: a. General Journal . Regular Journal Entries II. Adjusting Journal Entries ill. Closing Journal Entries b. General Ledger (T accounts) c. Unadjusted Trial Balance d. Adjusted Trial Balance e. Four Financial Statements