The general ledger of Zips Tutoring Services at December 1, 2021, includes the following account balances: Required:

1. Post the transactions recorded in the in-class portion of the exam to the general ledger.

2. Record the adjusting entries in the general journal

a. The annual insurance policy in the amount of $15,000 was purchased on July 1 and has been adjusted through the end of November.

b. Supplies remaining on hand at the end of the year equal $2,075.

c. $14,750 of the deferred revenue has been earned.

d. Depreciation on the building is $750 for December.

3. Post the adjusting entries

4. Complete the:

a. income statement

b. statement of stockholders equity

c. balance sheet as of December 31, 2021

5. Record the closing entries in the general journal

6. Post the closing entries to the general ledger

7. Prepare a post-closing trial balance

Credits Debits $ A A A A A A 70,875 19,250 8,750 5,000 60,000 170,000 Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation, Building Accounts Payable Deferred Revenue Common Stock Retained Eamings Dividends Service Revenue Salaries Expense Depreciation Expense Utilities Expense Supplies Expense Insurance Expense Rent Expense Property Tax Expense 4 4 4 $ $ $ $ 10.000 8,375 17250 187,500 90,625 $ $ 3,500 $ 80,825 15,450 8,250 2,250 4 4 4 4 4 $ $ $ $ $ $ $ 6,250 20,625 4,375 $ 394,575 $ 394,575 GENERAL JOURNAL Page: 14 DATE DESCRIPTION POST REF DEBIT CREDIT 12021 2 Dec 3 5.500 Cash Accounts Receivable Customers paid 5,500 4 5 6 7 1.500 3 Rent Expense Cash Paid Decembers Rent 1.500 8 9 10 11 25,000 10 Cash Common Stock Sold Common stock 25,000 12 13 14 6.200 18 Supplies Accounts Payable Purchased supplies IS 16 6,200 17 18 1.400 19 22 Utilities Expense Accounts Payable Received utility bill 1.400 20 21 5,400 22 23 28 Accounts Payable Cash Paid bills in accounts payable 5.400 24 13.100 5.200 26 27 28 29 30 Cash Accounts Receivable Service Revenue Provided by tutoring services 18,300 1.600 30 31 32 33 31 Salaries Expense Cash Paid employees 1,600 34 35 36 37 GENERAL JOURNAL Page: 15 DATE DESCRIPTION POST REF DEBIT CREDIT 1 2 3 4 S 6 7 8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 2 Washer For the ended Dec 271 TRIBALANCE Dei CREDIT ADJUSTMENTS DEBIT OLDIE AUSTED TRIAL LANGE DER CLIENT ACCOUNT NAME ch INGOUE STATEMENT DEBIT CREDO BALANCE SHEET DET RO Acts Receivable supplies 10 Pepedance 11 and 10 Accumulated Depreciation so 13 feed 10 10 11 Ovde Time saluses Denon polles come HT Worksheet template Sot Balance Post B c D E 1 2 3 Income statement 4 5 Revenue 6 Service Revenue 7 8 Expenses 9 Salaries Expense Depreciation Expense 11 Utilities expense 12 Supplies Expense 13 Insurance Expense 14 Rent expense 15 Property Tax Expense 16 Total Expenses 17 Net Income (Loss) 18 19 20 21 3 statement of stockholders' equity 4 Common Stock Retained Earnings Total Stockholders' Equity 5 6 Beginning balance January 1, 2021 7 Issuance of common stock 8 Add: Net income (or Less: Net loss) 9 Less: Dividends 10 Ending balance December 31, 2021 11 $ $ $ 12 13 14 15 16 17 Balance sheet Liabilities Current liabilities Accounts Payable Deferred Revenue Total current liabilities 2 3 4 5 Assets 6 Current Assets 7 Cash 8 Accounts receivable 9 Supplies 10 Prepad Insurance 11 Total current assets 12 13 Long-term Assets 14 Land 15 Building 16 Less: Accumulated depreciation 17 Total Longterm Assets 10 19 20 Total Assets 21 22 23 24 Stockholders' Equity Common Stock Retained earnings Total stockholders' equity Total liabilities and stockholders equity 1 2 Post closing Trial Balance 3 4 5 5 6 Debit Credit 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Account Cash Accounts Receivable Supplies Prepaid Insurance Land Building Accumulated Depreciation Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Depreciation Expense Utilities Expense Supplies Expense Insurance Expense Rent Expense Property Tax Expense 24 25 26 27 28 GENERAL LEDGER ACCOUNT Cash ACCOUNT NO: 100 POST REF BALANCE DEBIT CREDIT ITEM DEBIT CREDIT DATE 2021 Dec I b 1 Balance 70.875 ACCOUNT: Accounts Receivable ACCOUNT NO: 110 POST REF BALANCE DEBIT CREDIT ITEM DEBIT CREDIT DATE 2021 Dec Balance 0 19.250 ACCOUNT: Supplies ACCOUNT NO: 120 POST REF BALANCE DEBIT CREDIT ITEM DEBIT CREDIT DATE 2021 Dec 1 Balance 0 5,000 ACCOUNT Prepaid Insurance ACCOUNT NO 130 POST BALANCE CREDIT ITEM REF DEBIT CREDIT DEBIT DATE 2021 Dec Balance 0 8,750 ACCOUNT Land ACCOUNT NO: 140 POST REF BALANCE CREDIT ITEM DEBIT CREDIT DEBIT DATE 2021 Dec 1 Balance o 60.000 ACCOUNT: Building ACCOUNT NO: 145 POST REF BALANCE DEBIT CREDIT ITEM DEBIT CREDIT DATE 2021 Dec 1 Balance o 170.000 ACCOUNT Accumulated Depreciation, Building ACCOUNT NO 147 POST REF BALANCE CREDIT ITEM DEBIT CREDIT DEBIT DATE 2021 Dec 1 Balance 0 10,000 ACCOUNT: Accounts Payable ACCOUNT NO 200 POST REF BALANCE DEBIT CREDIT ITEM DEBIT CREDIT DATE 2021 Dec 1 Balance 0 8,375 ACCOUNT: Deferred Revenue ACCOUNT NO: 250 POST REF BALANCE DEBIT CREDIT ITEM DEBIT CREDIT DATE 2021 Dec 1 Balance O 17.250 ACCOUNT Common Stock ACCOUNT NO 300 POST REE BALANCE DEBIT CREDIT ITEM DEBIT CREDIT DATE 2021 Dec b 1 Balance 187.500 ACCOUNT Retained Barnings ACCOUNT NO 310 POST REF TTEM BALANCE CREDIT DEBIT CREDIT DERIT DATE 2020 Dec H Balance TO 90.625 ACCOUNT Dividende ACCOUNT NO 320 POST ITEM BALANCE CREDIT KER DEBIT CREDIT DERIT DATE 20:21 Dec Halance O 1.500 ACCOUNT Service Revenue ACCOUNT NO: 100 POST RES BALANCE DERIT CREDIT ITEM DEBET CREDIT FI DATE 2020 INC alance O NOX ACCOUNT Salaries Expense ACCOUNT NO 500 NOST RIF ITEM DEBIT BALANCE DERIT CREDIT CREDIT DATE 2020 DE Balance O 152450 ACCOUNT Depreciation Expense ACCOUNT NO 520 POST REF BALANCE DEBIT CREDIT ITEM DEBIT CREDIT DATE 2021 Dec Balance 0 X.250 ACCOUNT Supplies Expense ACCOUNT NO 530 POST REF BALANCE DEBIT CREDIT DATE ITEM DEBIT CREDIT ACCOUNT Utilities Expense ACCOUNT NO S40 POST REF BALANCE DEBIT CREDIT ITEM DEBIT CREDIT DATE 2020 Dec Balance 0 2,250 ACCOUNT Insurance Expense ACCOUNT NO $70 POST REH BALANCE DEBIT CREDIT ITEM DEBIT CREDIT DATE 2021 Do Balance 0 ACCOUNT Rent Expense ACCOUNT NO 575 POST REF BALANCE DEBIT CREDIT ITEM DEBIT CREDIT DATE 2021 Dec Halance 0 20.023 ACCOUNT Property Tax Expense ACCOUNT NO 50 POST REF BALANCE CREDIT DATI ITEM DEBIT CREDIT DERIT Dec Halance o 4.175