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Posted on Jul 21, 2024

Question 1 to 5 Dec23=Dec22 GENERAL LEDGER Cash ACCOUNT NO: 100 POST REF ITEM BALANCE DATE DEBIT CREDIT DEBIT CREDIT 1 Balance 53,200.00 ACCOUNT: Accounts

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image text in transcribed Question 1 to 5 Dec23=Dec22

GENERAL LEDGER Cash ACCOUNT NO: 100 POST REF ITEM BALANCE DATE DEBIT CREDIT DEBIT CREDIT 1 Balance 53,200.00 ACCOUNT: Accounts Receivable ACCOUNT NO: 110 POST. REF DATE ITEM DEBIT CREDIT DEBIT CREDIT 2017 Dec 1 Balance 25,400.00 ACCOUNT: AHowance for Uncollectible Accounts ACCOUNT NO: 115 BALANCE POST DATE ITEM DEBIT CREDIT DEBIT CREDIT 2017 Dec 1 Balance 1,000.00 ACCOUNT NO: 120 ACCOUNT: Supplies BALANCE POST REF DEBIT CREDIT DEBIT CREDIT DATE TEM 017 Dec 6,000.00 1 Balance ACCOUNT NO: 130 ACCOUNT: Prepaid Insurance BALANCE POST REF TEM DEBIT CREDIT DEBIT CREDIT DATE 2017 Dec 12,000.00 31 Balance xam-fall 18-Template CCOUNT NO ACCOUNT: Inventory BALANCE POST REF CREDIT DEBIT CREDIT DEBIT DATE ITEM 2017 Dec 73,000.00 1Balance ACCOUNT Equipment ACCOUNT NO: 145 BALANCE POST REF DATE ITEM 17 DEBIT CREDIT DEBIT CREDIT 1 Balance 36,000.00 COUNT: Accumulated Depreciation ACCOUNT NO: 150 POST REF BALANCE DATE 17 ITEM DEBIT CREDIT DEBIT CREDIT C 1Balance 8,000.00 OUNT: Accounts Payable ACCOUNT NO: 200 POST. BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT 1 Balance 6,700.00 UNT: Notes Payable (6%, 2-year note dated 6/1/2016) ACCOUNT NO: 250 POST REF ATE BALANCE ITEM DEBIT CREDIT DEBIT CREDIT 1 Balance 10,000.00 ACCOUNT Cost of Goods Sold ACCOUNT NO: BALANCE- POST REF DATE ITEM DEBIT CREDIT DEBIT 2017 Dec 1 Balance 800,000.00 ACCOUNT: Salaries Expense ACCOUNT NO: DATE POST. BALANCE ITEM REF DEBIT CREDIT 2017 Dec CR 1 Balance 100,000.00 ACCOUNT Bad Debt Expense ACCOUNT NO: 510 POST REF DATE TEM BALANCE DEBIT CREDIT DEBIT CREDIT ACCOUNT Depreciation Expense ACCOUNT NO: 520 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CRED ACCOUNT Supplies Expense ACCOUNT NO: 530 BALANCE POST REF DATE ITEM DEBIT CREDIT DEBIT CRED Interest Payable ACCOUNT NO: 250 POST REF BALANCE DATE ITEM DEBIT CREDIT DEBIT CREDIT ACCOUNT Common Stock ACCOUNT NO: 300 POST REF BALANCE ITEM DEBIT CREDIT DATE 2017 CREDIT Dec 1 Balance 100,000.00 ACCOUNT Retained Earnings ACCOUNT NO: 310 POST REF BALANCE DATE TEM DEBIT CREDIT DEBIT CREDIT 017 ec 1 Balance 17,200.00 CCOUNT Dividends ACCOUNT NO: 320 BALANCE POST REF DATE ITEM DEBIT CREDIT DEBIT CREDIT 017 Dec 1 Balance 2,000.00 CCOUNT: Sales ACCOUNT NO: 400 BALANCE POST REF ITEM DEBIT CREDIT DEBIT CREDIT DATE 17 1,005,700.00 1 Balance UNT: Insurance Expense ACCOUNT NO 540 POST REF DATE BALANCE ITEM DEBIT CREDIT DEBIT CREDIT OUNT: Interest Expense ACCOUNT NO: 550 POST REF BALANCE DATE ITEM DEBIT CREDIT DEBIT CREDIT UNT: Operating Expenses ACCOUNT NO: 560 BALANCE POST REF DATE ITEM DEBIT CREDIT DEBIT CREDIT !!Balance 36,000.00 COUNT: Income Tax Expense ACCOUNT NO: 570 BALANCE POST REF DATE ITEM DEBIT CREDIT DEBIT CREDIT 17 1 Balance 5,000.00 ec The general ledger of Zips Storage Solutions at December 22, 2017 is provided. Zips Storage uses a perpetual inventory system. The following are the transactions for the last week of December (the last month of Zip's fiscal year): December 23 Purchased inventory for $12,100 on account, terms 2/10, N/30. December 24 Returned $600 of inventory purchased 12/22 due to a problem with the order. December 27 Paid for the inventory purchased on 12/22 December 28 Sold 500 storage bins on account at a price of $7 each with a cost of $5 per bin. Received payment on an account previously written off from customer who is attempting to purchase a house and wanted to clear their credit report, $1,000. December 30 Required: 1. Record each of the summary transactions listed above. (15 points) 2. Post the transactions to the accounts. (7.5 points) 3. Complete the worksheet. (15.5 points) A. Insurance expired during the year is $7,000. B. Supplies remaining on hand at the end of the year equal $1,500. C. Depreciation on the equipment of $2,500. D. Zips Storage Solutions estimates the percentage of uncollectible accounts to be 25% of receivables. The note payable is a 6%, 2-year note dated 6/1/2016. E. 4. Journalize the necessary adjusting entries. (10 points) 5. Post the adjusting entries. (5 points) 6. A. Prepare the income statement for the year ended December 31, 2017 (7.5 points) B. Prepare the statement of stockholders' equity for the year ended December 31, 2017 (5 points) C. Prepare a classified balance sheet as of December 31, 2017 (10.5 points). 7. Record the closing entries (14 points). 8. Post the closing entries (7 points) 9. Prepare a post-closing trial balance (7.5 points). GENERAL LEDGER Cash ACCOUNT NO: 100 POST REF ITEM BALANCE DATE DEBIT CREDIT DEBIT CREDIT 1 Balance 53,200.00 ACCOUNT: Accounts Receivable ACCOUNT NO: 110 POST. REF DATE ITEM DEBIT CREDIT DEBIT CREDIT 2017 Dec 1 Balance 25,400.00 ACCOUNT: AHowance for Uncollectible Accounts ACCOUNT NO: 115 BALANCE POST DATE ITEM DEBIT CREDIT DEBIT CREDIT 2017 Dec 1 Balance 1,000.00 ACCOUNT NO: 120 ACCOUNT: Supplies BALANCE POST REF DEBIT CREDIT DEBIT CREDIT DATE TEM 017 Dec 6,000.00 1 Balance ACCOUNT NO: 130 ACCOUNT: Prepaid Insurance BALANCE POST REF TEM DEBIT CREDIT DEBIT CREDIT DATE 2017 Dec 12,000.00 31 Balance xam-fall 18-Template CCOUNT NO ACCOUNT: Inventory BALANCE POST REF CREDIT DEBIT CREDIT DEBIT DATE ITEM 2017 Dec 73,000.00 1Balance ACCOUNT Equipment ACCOUNT NO: 145 BALANCE POST REF DATE ITEM 17 DEBIT CREDIT DEBIT CREDIT 1 Balance 36,000.00 COUNT: Accumulated Depreciation ACCOUNT NO: 150 POST REF BALANCE DATE 17 ITEM DEBIT CREDIT DEBIT CREDIT C 1Balance 8,000.00 OUNT: Accounts Payable ACCOUNT NO: 200 POST. BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT 1 Balance 6,700.00 UNT: Notes Payable (6%, 2-year note dated 6/1/2016) ACCOUNT NO: 250 POST REF ATE BALANCE ITEM DEBIT CREDIT DEBIT CREDIT 1 Balance 10,000.00 ACCOUNT Cost of Goods Sold ACCOUNT NO: BALANCE- POST REF DATE ITEM DEBIT CREDIT DEBIT 2017 Dec 1 Balance 800,000.00 ACCOUNT: Salaries Expense ACCOUNT NO: DATE POST. BALANCE ITEM REF DEBIT CREDIT 2017 Dec CR 1 Balance 100,000.00 ACCOUNT Bad Debt Expense ACCOUNT NO: 510 POST REF DATE TEM BALANCE DEBIT CREDIT DEBIT CREDIT ACCOUNT Depreciation Expense ACCOUNT NO: 520 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CRED ACCOUNT Supplies Expense ACCOUNT NO: 530 BALANCE POST REF DATE ITEM DEBIT CREDIT DEBIT CRED Interest Payable ACCOUNT NO: 250 POST REF BALANCE DATE ITEM DEBIT CREDIT DEBIT CREDIT ACCOUNT Common Stock ACCOUNT NO: 300 POST REF BALANCE ITEM DEBIT CREDIT DATE 2017 CREDIT Dec 1 Balance 100,000.00 ACCOUNT Retained Earnings ACCOUNT NO: 310 POST REF BALANCE DATE TEM DEBIT CREDIT DEBIT CREDIT 017 ec 1 Balance 17,200.00 CCOUNT Dividends ACCOUNT NO: 320 BALANCE POST REF DATE ITEM DEBIT CREDIT DEBIT CREDIT 017 Dec 1 Balance 2,000.00 CCOUNT: Sales ACCOUNT NO: 400 BALANCE POST REF ITEM DEBIT CREDIT DEBIT CREDIT DATE 17 1,005,700.00 1 Balance UNT: Insurance Expense ACCOUNT NO 540 POST REF DATE BALANCE ITEM DEBIT CREDIT DEBIT CREDIT OUNT: Interest Expense ACCOUNT NO: 550 POST REF BALANCE DATE ITEM DEBIT CREDIT DEBIT CREDIT UNT: Operating Expenses ACCOUNT NO: 560 BALANCE POST REF DATE ITEM DEBIT CREDIT DEBIT CREDIT !!Balance 36,000.00 COUNT: Income Tax Expense ACCOUNT NO: 570 BALANCE POST REF DATE ITEM DEBIT CREDIT DEBIT CREDIT 17 1 Balance 5,000.00 ec The general ledger of Zips Storage Solutions at December 22, 2017 is provided. Zips Storage uses a perpetual inventory system. The following are the transactions for the last week of December (the last month of Zip's fiscal year): December 23 Purchased inventory for $12,100 on account, terms 2/10, N/30. December 24 Returned $600 of inventory purchased 12/22 due to a problem with the order. December 27 Paid for the inventory purchased on 12/22 December 28 Sold 500 storage bins on account at a price of $7 each with a cost of $5 per bin. Received payment on an account previously written off from customer who is attempting to purchase a house and wanted to clear their credit report, $1,000. December 30 Required: 1. Record each of the summary transactions listed above. (15 points) 2. Post the transactions to the accounts. (7.5 points) 3. Complete the worksheet. (15.5 points) A. Insurance expired during the year is $7,000. B. Supplies remaining on hand at the end of the year equal $1,500. C. Depreciation on the equipment of $2,500. D. Zips Storage Solutions estimates the percentage of uncollectible accounts to be 25% of receivables. The note payable is a 6%, 2-year note dated 6/1/2016. E. 4. Journalize the necessary adjusting entries. (10 points) 5. Post the adjusting entries. (5 points) 6. A. Prepare the income statement for the year ended December 31, 2017 (7.5 points) B. Prepare the statement of stockholders' equity for the year ended December 31, 2017 (5 points) C. Prepare a classified balance sheet as of December 31, 2017 (10.5 points). 7. Record the closing entries (14 points). 8. Post the closing entries (7 points) 9. Prepare a post-closing trial balance (7.5 points)