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In: Accounting

Required information The general ledger of Zips Storage at January 1, 2021, includes the following account...

Required information

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.

5. Record adjusting entries. Insurance expired during the year is $7,400. Supplies remaining on hand at the end of the year equal $3,300. Provide services of $12,200 related to cash paid in advance by customers. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Prepare an adjusted trial balance, as well.

Prepare the income statement for the year ended December 31, 2021.

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ekkarill92 answered 2 years ago
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