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. ember 1o DP Property 7. Prepare an adjusted trial balance.

Answer 1

$ $ Account Title Cash Accounts Receivable Prepaid Insurance Land Supplies Accounts Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense Property Tax Expense Dividends Totals Debit Credit 123,800.00 26,100.00 16,000.00 168,000.00 13.200.00 $ 8,500.00 $ 22,700.00 $ 210,000.00 $ 48,500.00 $ 216,300.00 143,600.00 10,500.00 4,800.00 506,000.00 $ 506,000.00