THE ACCOUNTING CYCLE The general ledger of Zips Storage at January 1, 2021, includes the following account balances Accounts Debits Credits Cash $ 24,600 Accounts Receivable 15,400 Prepaid Insurance 12,000 Land 148,000 Accounts Payable $ 6,700 Deferred Revenue 5,800 Common Stock 143,000 Retained Earnings 44,500 Totals $200,000 $200,000 The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $134,100, and on account, $52,200 2. February 12 Collect on accounts receivable, $51.500. 3. April 25 Receive cash in advance from customers, $12,900. 4. May 6 Purchase supplies on account, $9,200. 5. July 15 Pay property taxes, $8,500. 6. September 10 Pay on accounts payable, $11,400 7. October 31 Pay salaries, $123,600. 8. November 20 Issue shares of common stock in exchange for $27,000 cash. 9. December 30 Pay $2,800 cash dividends to stockholders. a. Record each of the summary transactions listed above. b. Prepare and unadjusted trial balance. C. Record adjusting entries. Insurance expired during the year is $7,000. Supplies remaining on hand at the end of the year equal $2,900. Provide services of $11,800 related to cash paid in advance by customers d. Prepare an adjusted trial balance. e. Prepare an income statement, statement of stockholder's equity, and a balance sheet (USE GOOD FORM). f. Record closing entries. Post the transactions, adjusting entries, and closing entries to the T-accounts (remember to include beginning balances). h. Prepare a post-closing trial balance. 8 THIS PROJECT IS WORTH 30 POINTS AND IS AN INDIVIDUAL ASSIGNMENT. THIS SHOULD BE COMPLETED IN EXCEL (USING FORMULAS WHEN POSSIBLE) AND IS DUE ON Tuesday SEPTEMBER 21" 2021 TO BE SUBMITTED ON D2L UNDER ASSIGNMENTS