Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help me finish this make the general journal, ledger, trial balance, income statement, and balance sheet The general ledger of Zips Storage at January 1,

help me finish this
make the general journal, ledger, trial balance, income statement, and balance sheet
image text in transcribed
The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $153,100, and on account, $61,700. 2. February 12 Collect on accounts receivable, $53,400. 3. April 25 Receive cash in advance from customers, $14,800. 4. May 6 Purchase supplies on account, $13,000. 5. July 15 Pay property taxes, $10,400. 6. September 10 Pay on accounts payable, $13,300. 7. October 31 Pay salaries, $142,600. 8. November 20 Issue shares of common stock in exchange for $46,000cash. 9. December 30 Pay $4,700 cash dividends to stockholders. Insurance expired during the year is $8,900. Supplies remaining on hand at the end of the year equal $4,800. Provide services of $13,700 related to cash paid in advance by customers. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 9). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 10 to 12 ). 3. Review the adjusted 'Trial Balance' as of December 31,2024 . 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2024 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13 to 15)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Explain the terms flow times and lateness.

Answered: 1 week ago