Question

My Balance Sheet is Unbalanced.. I have no idea where I went wrong :( Can you provde income statement to show ?

The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 26,680 17,400 16,000 168,000 Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,700 7,800 163.ee 48,500 $228,000 $228.000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $154, 100, and on account, 562,200. 2. February 12 Collect on accounts receivable, 553,500. 3. April 25 Receive cash in advance from customers, $14,900. 4. May 6 Purchase supplies on account, $13,200. 5. July 15 Pay property taxes, $10,500. 6. September 10 Pay on accounts payable, $13,400. 7. October 31 Pay salaries, $143,600 8. November 20 Issue shares of common stock in exchange for $47,000 cash. 9. December 30 Pay $4,800 cash dividends to stockholders. Insurance expired during the year is $9.000. Supplies remaining on hand at the end of the year equal $4,900. Provide services of $13,800 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, Post-closing Zips Storage Balance Sheet December 31, 2021 Assets Llabilities Current Assets Cash Accounts Receivable S Current Liabilities 123.800 Accounts Payable 25.100 Deferred Revenue $ 8.500 8.900 Prev 1 of 1 Next

Answer 1

Answer:

Zips Storage
Balance Sheet
December 31,2021
Assets		Liabilities
Current assets:		Current liabilities:
Cash	$123,800	Accounts payable	$8,500
Accounts receivable	$26,100	Deferred revenue	$8,900
Supplies	$4,900
Prepaid insurance	$7,000	Total current liabilities	$17,400
Total current assets	$161,800
		Stockholder's equity:
Long-term assets:		Common stock	$210,000
Land	$168,000	Retained earnings	$102,400
Total long-term assets	$168,000	Total stockholders' equity	$312,400
Total assets	$329,800	Total liabilities and stockholders' equity	$329,800

Calculations:

Accounts	Debits	Credits
Cash	26600+154100+53500+14900-10500-13400-143600+47000-4800
Accounts receivable	17400+62200-53500
Supplies	$13,200
Prepaid insurance	16000-9000
Land	$168,000
Accounts payable		8700+13200-13400
Deferred revenue		7800+14900-13800
Common stock		163000+47000
Retained earnings		$48,500
Dividends	$4,800
Service revenue		154100+62200+13800
Property tax expense	$10,500
Salaries expense	$143,600
Insurance expense	9000
Supplies expense [13,200-4,900]	8300

Adjusted trial Balance from above calculations:

Adjusted Trial Balance
Accounts	Debits	Credits
Cash	$123,800
Accounts receivable	$26,100
Supplies	$4,900
Prepaid insurance	$7,000
Land	$168,000
Accounts payable		$8,500
Deferred revenue		$8,900
Common stock		$210,000
Retained earnings		$48,500
Dividends	$4,800
Service revenue		$230,100
Property tax expense	$10,500
Salaries expense	$143,600
Insurance expense	$9,000
Supplies expense [13,200-4,900]	$8,300
Total	$506,000	$506,000

Income Statement :

Income Statement
Revenues:
Service revenue		$230,100
Expenses:
Property tax expense	$10,500
Salaries expense	$143,600
Insurance expense	9000
Supplies expense	8300
Total Expenses		$171,400
Net income		$58,700

Retained earnings, Ending balance = Retained earnings, Beginning balance + Net income - Dividends

= 48,500+58,700-4,800

= $102,400