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The general ledger of Zips Storage at January 1, 2021, includes the following account balances:
| Accounts | Debits | | Credits |
| Cash | $ | 24,900 | | | | | |
| Accounts Receivable | | 15,700 | | | | | |
| Prepaid Insurance | | 12,600 | | | | | |
| Land | | 151,000 | | | | | |
| Accounts Payable | | | | | $ | 7,000 | |
| Deferred Revenue | | | | | | 6,100 | |
| Common Stock | | | | | | 146,000 | |
| Retained Earnings | | | | | | 45,100 | |
| Totals | $ | 204,200 | | | $ | 204,200 | |
| |
The following is a summary of the transactions for the year:
| 1. | | January | | 9 | | Provide storage services for cash, $137,100, and on account, $53,700. |
| 2. | | February | | 12 | | Collect on accounts receivable, $51,800. |
| 3. | | April | | 25 | | Receive cash in advance from customers, $13,200. |
| 4. | | May | | 6 | | Purchase supplies on account, $9,800. |
| 5. | | July | | 15 | | Pay property taxes, $8,800. |
| 6. | | September | | 10 | | Pay on accounts payable, $11,700. |
| 7. | | October | | 31 | | Pay salaries, $126,600. |
| 8. | | November | | 20 | | Issue shares of common stock in exchange for $30,000 cash. |
| 9. | | December | | 30 | | Pay $3,100 cash dividends to stockholders. |
4. Prepare an unadjusted trial balance.
O Required information ZIPS STORAGE Unadjusted Trial Balance December 31, 2021 Accounts Debit Credit Cash $ 106,800 Accounts Receivable 12,600 Prepaid Insurance Supplies 9,800 151,000 Land Accounts Payable $ 5,100 Deferred Revenue Common Stock 176,000 Retained Earnings 45,100 Dividends 3,100 Service Revenue 190,800 8,800 126,600 Property Tax Expense Salaries Expense Insurance Expense Supplies Expense Totals $ 418,700 $ 417,000
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