Question

Required information The general ledger of Zips Storage at January 1, 2021, includes the following account balances: 18 Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $ 24,600 15,400 12,000 148,000 $ 6,700 5,800 143,000 44,500 $200,000 $200,000 The following is a summary of the transactions for the year: 52,660. 1. January 2. February 3. April 4. May 5. July 9 Provide storage services for cash, $134, 100, and on account, 552, 12 Collect on accounts receivable, $51,500. 25 Receive cash in advance from customers, $12,900. 6 Purchase supplies on account, $9,200. 15 Pay property taxes, 58,500. < Prex 4 5 6 10 of 10 III Next >

Answer 1

ZIPS STORAGE
Unadjusted Trial Balance
December 31,2021
Account Info	Debit	Credit
Cash	$     103,800
Accounts Receivable	$       16,100
Prepaid Insurance	$       12,000
Supplies	$          9,200
Land	$     148,000
Accounts Payable		$          4,500
Deffered Revenue		$       18,700
Common Stock		$     170,000
Retained Earnings		$       44,500
Dividends	$ 2,800
Service Revenue		$     186,300
Property Tax Expense	$          8,500
Salaries Expense	$     123,600
Insurance Expense	$                 -
Supplies Expense	$                 -
TOTAL	$     424,000	$     424,000

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Account Particulars Credit Sl.no Accounts 1 Cash Accounts Receivable Service Revenue Journal Entries Debit $ 134,100 $ 52,200 $ $ $ $ 186,300 2 $ $ Cash Accounts Receivable 51,500 $ 51,500 3 Unadjusted Adjust Trial Balance Debit Credit Debit Credit Debit Credit 24.600 S 79,200 $ 103,800 15,400 $ $ 700 $ 16,100 12,000 $ $ 12,000 $ 9,200 $ 9,200 148.000 $ $ 148,000 $ 6,700 $ -2,200 $ 4,500 $ 5,800 $ 12,900 $ 18,700 $ 143,000 $ 27,000 $ 170,000 S 44,500 S $ 44,500 Ş 2,800 $ 2,800 $ $ 186,300 $ 186,300 $ 8,500 $ 8,500 Ş 123,600 $ 123,600 $ $ $ $ 200,000 $ 200,000 $ 224,000 $ 224,000 $ 424,000 $ 424,000 $ 12,900 Cash Accounts Receivable Prepaid Insurance Supplies Land Accounts Payable Deffered Revenue Common Stock Retained Earnings Dividends Service Revenue Property Tax Expense Salaries Expense Insurance Expense Supplies Expense TOTAL Cash Deferred Revenue $ 12,900 4 $ 9,200 Supplies Accounts Payable $ 9,200 5 $ 8,500 Property Tax Expense Cash $ 8,500 $ 6 $ 11,400 Accounts Payable Cash $ 11,400 7 Salaries Expense Cash $ 123,600 Workings: *Cash= $24,600+134,100+51,500+12,900-8,500-11,400-123,600+27,000-2,800=$ 103,800; *Accounts Receivable=$15,400+52,200-51,500=$16,100 *Accounts Payable=$ 6,700+9,200-11,400=$4,500 *The Other accounts are directly taken and no further adjustments. $ 123,600 8 $ 27,000 Cash Common Stock $ 27,000 9 $ 2,800 Dividends Cash $ 2,800

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