Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The general ledger of Zips Storage at January 1, 2021, includes the following account balance Accounts Cash Debits $ 24,600 Accounts Receivable 15,400 Credits

image text in transcribed

The general ledger of Zips Storage at January 1, 2021, includes the following account balance Accounts Cash Debits $ 24,600 Accounts Receivable 15,400 Credits Prepaid Insurance 12,000 Land 148,000 Accounts Payable $ 6,700 Deferred Revenue 5,800 Common Stock 143,000 Retained Earnings Totals 44,500 $200,000 $200,000 The following is a summary of the transactions for the year: 1. January 2 February 3. April 4. May 5. July 9 Provide storage services for cash, $134,100, and on acc$52,200. 12 Collect on accounts receivable, $51,500. 25 Receive cash in advance from customers, $12,900. 6 Purchase supplies on account, $9,200. 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 a 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. g. Post the transactions, adjusting entries, and closing entries to the T-accounts (remember to include beginning balances). h. Prepare a post-closing trial balance.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Business Mathematics with Canadian Applications

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

10th edition

133052311, 978-0133052312

More Books

Students also viewed these Finance questions

Question

=+ All other costs are paid in the month incurred.

Answered: 1 week ago