CHAPTER 3 The Accounting Cycte: End of the Period 16 P3-9A The general ledger of Zips Storage at January 1, 2021, incudes the following account Complete the fut balances Complete the full accounting cycle (LO3-3 3-4,3-5, 3-6,3-7) Debits Credits Accounts 24,600 15,400 12,000 148,000 Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings $ 6,700 5,800 143.000 44.500 $200,000 $200.000 Totals The following is a summary of the transactions for the year 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. May 15 5. July 6. September 10 7. October 31 8. November 20 9. December 30 6 Purchase supplies on account, $9,200. 15 Pay property taxes, $8,500. Pay on accounts payable, $11,400 Pay salaries, $123,600 Issue shares of common stock in exchange for $27,000 cash. Pay $2,800 cash dividends to stockholders. Required 1. Set up the necessary T-accounts and enter the beginning balances fr om the trial balance. In addition to the accounts shown, the company has accounts for Supplies, Dividends, Service Revenue, Salaries Expense, Property Tax Expense, Supplies Expense, and Insurance Expense. 2. Record each of the summary transactions listed above. 3. Post the transactions to the accounts. 4. Prepare an unadjusted trial balance. pired 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. 6. Post adjusting entries. 7. Prepare an adjusted trial balance. 8. Prep 9. Record closing entries. 10. Post closing entries 11. Prepare a post-closing trial balance. are an income statement for 2021 and a classified balance sheet as of December 31, 2021