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I believe I messed up on the closing entries. I think I only really need help with the trial balance and income statement The general
I believe I messed up on the closing entries. I think I only really need help with the trial balance and income statement
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 25,800 16,600 14,400 160,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7,900 7,000 155,000 46,900 $216,800 $216,800 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $146, 100, and on account, $58,200. ruary 12 Collect on accounts receivable, $52,700. 3. April 25 Receive cash in advance from customers, $14,100. 4. May 6 Purchase supplies on account, $11,600. 5. July 15 Pay property taxes, $9,700. 6. September 10 Pay on accounts payable, $12,600. 7. October 31 Pay salaries, $135,600. 8. November 20 Issue shares of common stock in exchange for $39,000 cash. 9. December 30 Pay $4,000 cash dividends to stockholders. Insurance expired during the year is $8,200. Supplies remaining on hand at the end of the year equal $4,100. Provide services of $13,000 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. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selectionStep by Step Solution
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