Scenario Zions, Inc. is a small rental company in the Seattle area. The company purchases land and other long-term assets, then rents those assets out to other companies. They used to also rent houses and apartments, but they have found that business clients default less and tend to return items in better shape than private individuals. 0 0 t's Zions, Inc.'s accounting staff is usually pretty good at keeping up with transactions, budgeting, and other challenges, but recent trouble in the markets has forced the accounting staff to focus on modeling, internal audits, and investment strategies. So, they have hired you to jump in and finish up the accounting cycle for this year: making the last of the journal entries for the period, posting, creating trial balances, etc. Walk through the different spreadsheets to complete the accounting cycle for the fiscal year-taling June 30, 2021. che -a Zions, Inc. has 6,000,000 shares of $2 par value common stock authorized, with 1,387,375 shares outstanding in 2021. 2 0 1 2 3 -4 6/21/21 Collected $777,000 in rent. 6/23/21 Paid $117,000 in legal fees. 6/24/21 Received $583,000 from lawsuit against contractor, an unusual result. 6/28/21 Purchased a new building for $641,000. 6/30/21 Collected $389,000 in rent revenue. Journal Entries in 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Parta. All of the transactions for ions, Inc. have been posted EXCEPT for the entries you just made. Post your PC ending balance Remember, each account should have only one final debitor credit balance! For ease of grading please highlight your ending balance in some way (bold, color, under a balance line, etc). Land $10,658.040 $1.997,820 $665.940 Building $31.032,695 $6,226,539 $2.473.800 $993.583 Accumulated Depreciation $8.798.254 $293.014 $998.910 5732.534 $64.744 $170.930 0 1 2 3 . -5 16 17 $532.752 $298.075 Account Removable 8532.95 $44.396 23.188 $355.168 $62,154 $399564 $532.752 $186,463 $177584 $53,275 $26,638 564744 $53,275 $1,192.100 164744 $1,042,5 $64.744 $596,150 $64.744 $397433 19 20 21 22 23 24 25 26 27 20 29 30 31 32 $64.744 $332.970 $64.744 5,632.165 $1431,00 Taxes Payable $104,861 Loan Payable $10.877.620 $617770 Noyable 85.770.463 57.994.477 Accounts Payable $1.709,000 $170.920 $141,840 $854,600 33.760,240 $2,632,168 11,431,010 $869,052 $2.56.542 1.130.993 564,944 $133.188 Interest Rate so $221,90 $64.944 $110.990 5605 306 564,944 34 35 36 27 30 39 40 41 $1,093,94 Common stock 34.774750 Dvads 164.744 Ablational Paidencial 59.314.450 Rated Earnings 9709 5794,566 50.150.990 $64.946 $16,485 $1.29265 $277.475 44 GE $399.564 $599346 $64.89 15593 DE so 1998.910 46 47 4 49 SO 51 52 53 54 Aduring Expo so 5166,485 5332.970 $23,980 $110.990 $277.475 Bad Debt $0 99.564 5599.340 5339,970 $382.970 BO $21.980 M43.960 $1,100,000 SA SELOR 5110,9901 $661.040 $36,630 $1.523.75 3142 1 Part 3 - Create a Trial Balance for Zions, Inc. using the balances from the 2 ledger (ort-accounts) that you just finished. 3 4 Keep in mind that the accounts in the trial balance should appear in 5 order: assets, liabilities, equity, revenues, expenses, then gains and 6 losses. Only accounts WITH a balance should be included, with only the 7 final debit or credit balance. 8 9 Also, make sure you include the totals of each column! If they don't 10 11 balance, you'll know you need to go back and check your work. 12 13 Zions, Inc. 15 Trial Balance 16 For Year Ended June 30, 2021 17 18 19 20 21 22 23 24 25 26 27 28 14 CO Fc Acce Bala 29 30 31 32 D 2