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Required information The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 26,400 Accounts Receivable 17,200 Prepaid Insurance 15,600 Land 166,000 Accounts Payable $ 8,500 Deferred Revenue 7,600 Common Stock 161,000 Retained Earnings 48,100 Totals $225,200 $225,200 The following is a summary of the transactions for the year: January Provide storage services for cash, $152,100, and on account, $61,200. February Collect on accounts receivable, $53,300. April Receive cash in advance from customers, $14,700. May Purchase supplies on account, $12,800. July Pay property taxes, $10,300. September Pay on accounts payable, $13,200. October Pay salaries, $141,600. November Issue shares of common stock in exchange for $45,000 cash. December Pay $4,600 cash dividends to stockholders. 2. Record each of the summary transactions listed above. (If no entry is required for a particular transactionlevent. select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Provide storage services for cash, $152,100, and on account, $61,200. Note: Enter debits before credits. Clear entry View general journal Provide storage services for cash, $152,100, and on account, $61,200. Collect on accounts receivable, $53,300. Receive cash in advance from customers, $14,700. Purchase supplies on account, $12,800. Pay property taxes, $10,300. Pay on accounts payable, $13,200. Pay salaries, $141,600. 4. Prepare an unadjusted trial balance. Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Property Tax Expense Salaries Expense Insurance Expense Supplies Expense Totals 5. Record adjusting entries. Insurance expired during the year is $8,800. Supplies remaining on hand at the end of the year equal $4,700. Provide services of $13,600 related to cash paid in advance by customers. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for insurance expired during the year is $8,800. Note: Enter debits before credits. Clear entry View general journal 1 Record the adjusting entry for insurance expired during the year is $8,800. Record the adjusting entry for supplies. Supplies remaining on hand at the end of the year equal $4,700. Record the adjusting entry for services provided to customers who paid in advance. Services of $13,600 related to cash paid in advance by customers were provided. 7. Prepare an adjusted trial balance. Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Property Tax Expense Salaries Expense Insurance Expense Supplies Expense Total 8-a. Prepare the income statement for the year ended December 31, 2021. ZIPS STORAGE Income Statement For the Year Ended December 31, 2021 Expenses: Total Expenses 08-b. Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) ZIPS STORAGE Balance Sheet December 31, 2021 Assets Liabilities Current assets: Current liabilities: Total current liabilities 0 Stockholders' Equity Total current assets 0 Long-term assets: Total stockholders' equity 0 Total assets $ 0 Total liabilities and stockholders' equity $ 09. Record Closing entries. (If no entry is required for a particular transaction/event, select \"No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the closing entry for revenue. Note: Enter debits before credits. Record entry Clear entry View general journal 1 Record the closing entry for revenue. 2 Record the closing entry for expenses. 3 Record the closing entry for cash dividends. 1. 3. 6. 8. 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. 3 Issue shares of common stock in exchange for $45,000 cash. 9 Pay $4,600 cash dividends to stockholders