Question

In: Accounting

The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts...

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.

Solutions

Expert Solution

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.

ekkarill92 answered 9 months ago
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