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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 $ 25,000
Accounts Receivable 15,800
Prepaid Insurance 12,800
Land 152,000   
Accounts Payable $ 7,100
Deferred Revenue 6,200
Common Stock 147,000
Retained Earnings 45,300
Totals $ 205,600 $ 205,600

The following is a summary of the transactions for the year:

1. January 9 Provide storage services for cash, $138,100, and on account, $54,200.
2. February 12 Collect on accounts receivable, $51,900.
3. April 25 Receive cash in advance from customers, $13,300.
4. May 6 Purchase supplies on account, $10,000.
5. July 15 Pay property taxes, $8,900.
6. September 10 Pay on accounts payable, $11,800.
7. October 31 Pay salaries, $127,600.
8. November 20 Issue shares of common stock in exchange for $31,000 cash.
9. December 30 Pay $3,200 cash dividends to stockholders.

2. Record each of the summary transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Prepare an unadjusted trial balance, as well.

Solutions

Expert Solution

for calculations for unadjusted trial balance, refer to the next image -

ekkarill92 answered 1 year ago
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