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Required information The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Debits $

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Answer #1
Unadjusted Trial Balance
Particulars Debit Credit
Cash $ 123,800.00
Accounts Receivable $   26,100.00
Prepaid Insurance $   16,000.00
Supplies $   13,200.00
Land $ 168,000.00
Accounts Payable $     8,500.00
Deferred Revenue $   22,700.00
Common Stock $ 210,000.00
Retained Earnings $   48,500.00
Dividends $     4,800.00
Service Revenue $ 216,300.00
Property Taxes $   10,500.00
Salaries Expense $ 143,600.00
$ 506,000.00 $ 506,000.00
Post Closing Trial Balance
Particulars Debit Credit
Cash $ 123,800.00
Accounts Receivable $   26,100.00
Prepaid Insurance $   16,000.00
Supplies $   13,200.00
Land $ 168,000.00
Accounts Payable $     8,500.00
Deferred Revenue $   22,700.00
Common Stock $ 210,000.00
Retained Earnings $ 110,700.00
Dividends $     4,800.00
$ 351,900.00 $ 351,900.00

Workings:

Journal Entries
Date Particulars Debit Credit
9-Jan Accounts Receivable $   62,200.00
Cash $ 154,100.00
To Service Revenue $ 216,300.00
12-Feb Cash $   53,500.00
To Accounts Receivable $   53,500.00
25-Apr Cash $   14,900.00
To Deferred Revenue $   14,900.00
6-May Supplies $   13,200.00
To Accounts Payable $   13,200.00
15-Jul Property Taxes $   10,500.00
To Cash $   10,500.00
10-Sep Accounts Payable $   13,400.00
To Cash $   13,400.00
31-Oct Salaries Expense $ 143,600.00
To Cash $ 143,600.00
20-Nov Cash $   47,000.00
To Common Stock $   47,000.00
30-Dec Dividends $     4,800.00
To Cash $     4,800.00
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