Question

Required information The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 26,600 17,400 16,000 168,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,700 7,800 163,000 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, $62,200. 2. February 12 Collect on accounts receivable, $53,500. 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. 4. Prepare an unadjusted trial balance.

Answer 1

	Assets					Liabilities		Equity		Income	Expense
	Cash	Accounts receivable	Prepaid Insurance	Supplies	Land	Accounts payable	Deferred revenue	Common stock	Retained earnings	Storage services	Property taxes	Salaries
Opening balance	$             26,600	$         17,400	$        16,000	$                 -	$        1,68,000	$          8,700	$          7,800	$        1,63,000	$        48,500	$                     -	$                 -	$                     -
Transactions
Jan-09	$          1,54,100	$         62,200								$        2,16,300
Feb-12	$             53,500	$       (53,500)
Apr-25	$             14,900						$        14,900
May-06				$        13,200		$        13,200
Jul-15	$           (10,500)										$        10,500
Sep-10	$           (13,400)					$     (13,400)
Oct-31	$       (1,43,600)											$        1,43,600
Nov-20	$             47,000							$            47,000
Dec-30	$             (4,800)								$        (4,800)
Closing balance December 31	$          1,23,800	$         26,100	$        16,000	$        13,200	$        1,68,000	$          8,500	$        22,700	$        2,10,000	$        43,700	$        2,16,300	$        10,500	$        1,43,600

Unadjusted trail balance:

ZIPS STORAGE
Unadjusted trail balance as at December 31
Particualrs	Debit	Credit
Cash	$ 1,23,800
Accounts receivable	$     26,100
Prepaid Insurance	$     16,000
Supplies	$     13,200
Land	$ 1,68,000
Accounts payable		$        8,500
Deferred revenue		$     22,700
Common stock		$ 2,10,000
Retained earnings		$     43,700
Storage services		$ 2,16,300
Property taxes	$     10,500
Salaries	$ 1,43,600
Totals	$ 5,01,200	$ 5,01,200