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 1 year ago

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