Question

Problem 3-9A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) The general ledger of Zips Storage at January 1, 2021, Includes the following account balances: Credits Debits $ 24,700 15.500 12,200 149,000 Accounts cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,800 5.900 144.000 44,700 $201,400 $201,400 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $135, 100, and on account, $52,700. 2. February 12 Collect on accounts receivable, $51,600. 3. April 25 Receive cash in advance from customers, $13,000. 1. May 6 Purchase supplies on account, $9,400. 5. July 15 Pay property taxes, $8,600. 6. September 10 Pay on accounts payable, $11,500. 7. October 31 Paysalaries, $124,600. B. November 20 Issue shares of common stock in exchange for $28,000 cash. 9. December 30 Pay $2,900 cash dividends to stockholders. Insurance expired during the year is $7,100. Supplies remaining on hand at the end of the year equal $3,000. Provide services of $11.900 related to cash paid in advance by customers. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Adjusted - Zips Storage Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Liabilities Stockholders' Equity Total current assets Long-term Assets: Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity < Income Statement Balance Sheet

Answer 1

: x fc Current Assets F Assets Zips Storage Balance Sheet December 31, 2021 Liabilities Current Liabilities $ 104,800 accounts payable $ 16,600 deferred revenue $ 5,100 Total Current Liabilities $ 3,000 $ 129,500 Stockholders' Equity common stock $ 149,000 retained earnings Total Stockholders' Equity $ 278,500 Total Liabilities and Stockholders' Equity Current Assets cash accounts receivable prepaid insurance supplies Total Current Assets Long-term Assets land $ 4,700 $ 7,000 $ 11,700 $ 172,000 $ 94,800 $ 266,800 $278,500 Total Assets

For formulas and calculations, refer to the image below -

B6 X f r Current Assets Zips Storage Balance Sheet December 31, 2021 Assets Liabilities Current Assets Current Liabilities cash =24700+135100+51600+13000-8600-11500-124600+28000-2900 accounts payable accounts receivable =15500+52700-51600 deferred revenue prepaid insurance =12200-7100 Total Current Liabilities supplies =9400-6400 Total Current Assets =SUM(C7:010) Stockholders' Equity Long-term Assets common stock land =149000 retained earnings Total Stockholders' Equity Total Assets =C11+C13 Total Liabilities and Stockholders' Equity =6800+9400-11500 =5900+13000-11900 =E7+E8 =144000+28000 -44700+135100+52700-8600-124600-2900-7100-6400+11900 =E12+E13 =E9+E14

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