Question

I need help with the balance sheet part

The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $ 25,400 16,200 13,600 156,000 $ 7,500 6,600 151,000 46,100 $211,200 Totals $211,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $142,100, and on account, $56,200. 2. February 12 Collect on accounts receivable, $52,300. 3. April 25 Receive cash in advance from customers, $13,700. 4. May 6 Purchase supplies on account, $10,800. 5. July 15 Pay property taxes, $9,300. 6. September 10 Pay on accounts payable, $12,200. 7. October 31 Pay salaries, $131,600. 8. November 20 Issue shares of common stock in exchange for $35,000 cash. 9. December 30 Pay $3,600 cash dividends to stockholders. Insurance expired during the year is $7,800. Supplies remaining on hand at the end of the year equal $3,700. Provide services of $12,600 related to cash paid in advance by customers.

Answer 1

Balance sheet

December 31,2021

Assets		Liabilities
Current assets		Current liabilities
Cash	111800	Account payable	6100
Account receivable	20100	Deferred revenue	7700
Supplies	3700
Prepaid insurance	5800
Total Current assets	141400	Total Current liabilities	13800
Long term assets		Stockholder's equity
Land	156000	Common Stock	186000
		Retained earnings	97600
		Total Stockholder's equity	283600
Total assets	297400	Total liabilities and stockholder's equity	297400