In: Accounting
The general ledger of Zips Storage at January 1, 2021, includes the following account balances:
Accounts | Debits | Credits | |||||
Cash | $ | 25,700 | |||||
Accounts Receivable | 16,500 | ||||||
Prepaid Insurance | 14,200 | ||||||
Land | 159,000 | ||||||
Accounts Payable | $ | 7,800 | |||||
Deferred Revenue | 6,900 | ||||||
Common Stock | 154,000 | ||||||
Retained Earnings | 46,700 | ||||||
Totals | $ | 215,400 | $ | 215,400 | |||
The following is a summary of the transactions for the year:
1. | January | 9 | Provide storage services for cash, $145,100, and on account, $57,700. | |||
2. | February | 12 | Collect on accounts receivable, $52,600. | |||
3. | April | 25 | Receive cash in advance from customers, $14,000. | |||
4. | May | 6 | Purchase supplies on account, $11,400. | |||
5. | July | 15 | Pay property taxes, $9,600. | |||
6. | September | 10 | Pay on accounts payable, $12,500. | |||
7. | October | 31 | Pay salaries, $134,600. | |||
8. | November | 20 | Issue shares of common stock in exchange for $38,000 cash. | |||
9. | December | 30 | Pay $3,900 cash dividends to stockholders. |
2. Prepare a post-closing trial balance. (Hint: The balance of Retained Earnings will be the amount shown in the balance sheet.)
4. Prepare an unadjusted trial balance
7. Prepare an adjusted trial balance
8-a. Prepare the income statement for the year ended December 31, 2021.
8-b. Prepare the classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
1. 3. 6. & 10. Post the transactions,
adjusting entries and closing entries to the T-accounts. Be sure to
include beginning balances.
Since no Adjusting entries were given, have prepared all journals, ledgers, TBs and financial statements without those entries.
So, Unadjusted TB and Adjusted TB are exactly the same.