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I need help with the balance sheet part The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Accounts
I need help with the balance sheet part
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $ 25,400 16,200 13,600 156,000 $ 7,500 6,600 151,000 46,100 $211,200 Totals $211,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $142,100, and on account, $56,200. 2. February 12 Collect on accounts receivable, $52,300. 3. April 25 Receive cash in advance from customers, $13,700. 4. May 6 Purchase supplies on account, $10,800. 5. July 15 Pay property taxes, $9,300. 6. September 10 Pay on accounts payable, $12,200. 7. October 31 Pay salaries, $131,600. 8. November 20 Issue shares of common stock in exchange for $35,000 cash. 9. December 30 Pay $3,600 cash dividends to stockholders. Insurance expired during the year is $7,800. Supplies remaining on hand at the end of the year equal $3,700. Provide services of $12,600 related to cash paid in advance by customers. Journal Ledger Statement The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing Zips Storage Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Stockholders' Equity 0 Total current assets Long-term Assets: Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity Total assetsStep by Step Solution
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