Business, 12.10.2020 19:01, ramos1997

The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits
Cash $26,400
Accounts Receivable 17,200 P
repaid Insurance 15,600
Land 166,000
Accounts Payable $8,500
Deferred Revenue 7,600
Common Stock 161,000
Retained Earnings 48,100
Totals $225,200 $225,200

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

1. January 9 Provide storage services for cash, $152,100, and on account, $61,200.
2. February 12 Collect on accounts receivable, $53,300.
3. April 25 Receive cash in advance from customers, $14,700.
4. May 6 Purchase supplies on account, $12,800.
5. July 15 Pay property taxes, $10,300.
6. September 10 Pay on accounts payable, $13,200.
7. October 31 Pay salaries, $141,600.
8. November 20 Issue shares of common stock in exchange for $45,000 cash.
9. December 30 Pay $4,600 cash dividends to stockholders.

Required:
a. Prepare a post-closing trial balance.
b. Prepare an unadjusted trial balance
c. Prepare an adjusted trial balance
d. Prepare the income statement for the year ended December 31, 2021.

Answers: 3

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