Problem 3-9A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
Problem 3-9A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The following information applies to the questions displayed below.J The general ledger of Zips Storage at January 1, 2018, includes the following account balances: Accounts Debits Credits $ 24,900 15.700 Cash Accounts Receivable Prepaid Insurance 12,600 51,000 7000 6,100 146,000 Accounts Payable Deferred Revenue Common Stock 45,100 Retained Earnings $204,200 $204,200 Totals The following is a summary of the transactions for the year: a. January 9 Provide storage services for cash, $137,100, and on account, $53,700. b. February 12 Collect on accounts receivable, $51,800. c. April 25 Receive cash in advance from customers, $13,200. d. May 6 Purchase supplies on account, $9,800 e. July 15 Pay property taxes, $8,800. f September 10 Pay on accounts payable, $11,700 g. September 10 Pay salaries, $126,600. h. November 20 Issue shares of common stock in exchange for $30,000 cash. i. December 30 Pay $3,100 cash dividends to stockholders. j. Insurance expired during the year is $7,300. Supplies remaining on hand at the end of the year equal $3,200. Provide services of $12,100 related to cash paid in advance by customers References Problem 3-9A Parts 1,3, 6 and 10 1. 3. 6. &10. Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts Cash Accounts Receivable 24,900 Beg. Bal Beg. Bal 15,700 24,900 15,700 End. Bal End. Bal Prepaid Insurance Supplies Beg. Bal 12,600 Beg. Bal 12,600 End. Bal End. Bal Land Accounts Payable 151,000 Beg. Bal Beg. Bal 7,000 151,000 7,000 End. Bal End. Bal Deferred Revenue Common Stock Beg. Bal 6,100 Beg. Bal 146,000 6,100 146,000 End. Bal End. Bal Retained Earnings Service Revenue Beg. Bal 45,100 Beg. Bal. 45,100 End. Bal End. Bal. Dividends Property Tax Expense Beg. Bal Beg. Bal End. Bal. End. Bal Salaries Expense Insurance Expense Beg. Bal Beg. Bal. End. Bal End. Bal Supplies Expense Beg. Bal End. Bal References eBook & Resources 2. Record each of the summary transactions listed above, If ho entry is required Tor a particular transactionievent, select No journal entry required In the TirSt View transaction listView journal entry worksheet No Transaction Debit General Journal Credit Accounts receivable 53,700 137,100 Service revenue 190,800 2 51,800 Accounts receivable 51,800 Cash 13,200 Deferred revenue 13,200 4 4 Supplies 9,800 9,800 Accounts payable Property tax expense 8,800 8,800 Accounts payable 11,700 Cash 11,700 Salaries expense 126,600 126,600 8 Cash 30,000 Common stock 30,000 Dividends 3,100 Cash 3,100 0.20 points Problem 3-9A Part 4 4. Prepare an unadjusted trial balance ZIPS STORAGE Unadjusted Trial Balance December 31, 2018 Accounts Debit Credit Cash 24,900 15,700 Accounts receivable Prepaid insurance Supplies Land Accounts payable Deferred revenue Common stock Retained earnings Dividends Service revenue Property tax expense Salaries expense Insurance expense Supplies expense Totals 40,600 $ Problem 3-9A Part 5 5. Record adjusting 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 adjustment for insurance Note: Enter debits before credits. Debit Transaction General Journal Credit Clear entry Record entry View general journal value 0.20 points Problem 3-9A Part 7 7. Prepare an adjusted trial balance ZIPS STORAGE Adjusted Trial Balance December 31, 2018 Debit Accounts Credit Cash Accounts receivable Prepaid insurance Supplies Land Accounts payable Deferred revenue Common stock Retained earnings Dividends Service revenue Property tax expense Salaries expense Insurance expense Supplies expense Total 18. 030 pints value Problem 3-9A Part 8 8-a. Prepare the income statement for the year ended December 31, 2018. ZIPS STORAGE Income Statement For the Year Ended December 31, 2018 Expenses: Total expenses 8-b. Prepare the classified balance sheet for the year ended December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) ZIPS STORAGE Balance Sheet December 31, 2018 Assets Liabilities Current assets Current liabilities Total current liabilities Stockholders' Equity Total current assets 0 Long-term assets Total stockholders' equity Total assets Total liabilities and stockholders' equity Problem 3-9A Part 9 9. 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 entry to close the revenue accounts. Note: Enter debits before credits. Debit Date General Journal Credit December 31, 2018 View general journal Record entry Clear entry Problem 3-9A Part 9 9. 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 entry to close the expense accounts Note: Enter debits before credits. Debit Date General Journal Credit December 31, 2018 View general journal Record entry Clear entry Problem 3-9A Part 9 9. 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 entry to close the dividends account. Note: Enter debits before credits. Debit Date General Journal Credit December 31, 2018 View general journal Record entry Clear entry 20. 00 points value: Problem 3-9A Part 11 11. Prepare a post-closing trial balance ZIPS STORAGE Post-Closing Trial Balance December 31, 2018 Accounts Debit Credit Totals Problem 3-9A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The following information applies to the questions displayed below.J The general ledger of Zips Storage at January 1, 2018, includes the following account balances: Accounts Debits Credits $ 24,900 15.700 Cash Accounts Receivable Prepaid Insurance 12,600 51,000 7000 6,100 146,000 Accounts Payable Deferred Revenue Common Stock 45,100 Retained Earnings $204,200 $204,200 Totals The following is a summary of the transactions for the year: a. January 9 Provide storage services for cash, $137,100, and on account, $53,700. b. February 12 Collect on accounts receivable, $51,800. c. April 25 Receive cash in advance from customers, $13,200. d. May 6 Purchase supplies on account, $9,800 e. July 15 Pay property taxes, $8,800. f September 10 Pay on accounts payable, $11,700 g. September 10 Pay salaries, $126,600. h. November 20 Issue shares of common stock in exchange for $30,000 cash. i. December 30 Pay $3,100 cash dividends to stockholders. j. Insurance expired during the year is $7,300. Supplies remaining on hand at the end of the year equal $3,200. Provide services of $12,100 related to cash paid in advance by customers References Problem 3-9A Parts 1,3, 6 and 10 1. 3. 6. &10. Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts Cash Accounts Receivable 24,900 Beg. Bal Beg. Bal 15,700 24,900 15,700 End. Bal End. Bal Prepaid Insurance Supplies Beg. Bal 12,600 Beg. Bal 12,600 End. Bal End. Bal Land Accounts Payable 151,000 Beg. Bal Beg. Bal 7,000 151,000 7,000 End. Bal End. Bal Deferred Revenue Common Stock Beg. Bal 6,100 Beg. Bal 146,000 6,100 146,000 End. Bal End. Bal Retained Earnings Service Revenue Beg. Bal 45,100 Beg. Bal. 45,100 End. Bal End. Bal. Dividends Property Tax Expense Beg. Bal Beg. Bal End. Bal. End. Bal Salaries Expense Insurance Expense Beg. Bal Beg. Bal. End. Bal End. Bal Supplies Expense Beg. Bal End. Bal References eBook & Resources 2. Record each of the summary transactions listed above, If ho entry is required Tor a particular transactionievent, select No journal entry required In the TirSt View transaction listView journal entry worksheet No Transaction Debit General Journal Credit Accounts receivable 53,700 137,100 Service revenue 190,800 2 51,800 Accounts receivable 51,800 Cash 13,200 Deferred revenue 13,200 4 4 Supplies 9,800 9,800 Accounts payable Property tax expense 8,800 8,800 Accounts payable 11,700 Cash 11,700 Salaries expense 126,600 126,600 8 Cash 30,000 Common stock 30,000 Dividends 3,100 Cash 3,100 0.20 points Problem 3-9A Part 4 4. Prepare an unadjusted trial balance ZIPS STORAGE Unadjusted Trial Balance December 31, 2018 Accounts Debit Credit Cash 24,900 15,700 Accounts receivable Prepaid insurance Supplies Land Accounts payable Deferred revenue Common stock Retained earnings Dividends Service revenue Property tax expense Salaries expense Insurance expense Supplies expense Totals 40,600 $ Problem 3-9A Part 5 5. Record adjusting 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 adjustment for insurance Note: Enter debits before credits. Debit Transaction General Journal Credit Clear entry Record entry View general journal value 0.20 points Problem 3-9A Part 7 7. Prepare an adjusted trial balance ZIPS STORAGE Adjusted Trial Balance December 31, 2018 Debit Accounts Credit Cash Accounts receivable Prepaid insurance Supplies Land Accounts payable Deferred revenue Common stock Retained earnings Dividends Service revenue Property tax expense Salaries expense Insurance expense Supplies expense Total 18. 030 pints value Problem 3-9A Part 8 8-a. Prepare the income statement for the year ended December 31, 2018. ZIPS STORAGE Income Statement For the Year Ended December 31, 2018 Expenses: Total expenses 8-b. Prepare the classified balance sheet for the year ended December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) ZIPS STORAGE Balance Sheet December 31, 2018 Assets Liabilities Current assets Current liabilities Total current liabilities Stockholders' Equity Total current assets 0 Long-term assets Total stockholders' equity Total assets Total liabilities and stockholders' equity Problem 3-9A Part 9 9. 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 entry to close the revenue accounts. Note: Enter debits before credits. Debit Date General Journal Credit December 31, 2018 View general journal Record entry Clear entry Problem 3-9A Part 9 9. 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 entry to close the expense accounts Note: Enter debits before credits. Debit Date General Journal Credit December 31, 2018 View general journal Record entry Clear entry Problem 3-9A Part 9 9. 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 entry to close the dividends account. Note: Enter debits before credits. Debit Date General Journal Credit December 31, 2018 View general journal Record entry Clear entry 20. 00 points value: Problem 3-9A Part 11 11. Prepare a post-closing trial balance ZIPS STORAGE Post-Closing Trial Balance December 31, 2018 Accounts Debit Credit Totals
