The general ledger of Zips Storage at January 1, 2021, includesthe following account balances:
| Accounts | Debits | | Credits |
| Cash | $ | 25,700 | | | | | |
| Accounts Receivable | | 16,500 | | | | | |
| Prepaid Insurance | | 14,200 | | | | | |
| Land | | 159,000 | | | | | |
| Accounts Payable | | | | | $ | 7,800 | |
| Deferred Revenue | | | | | | 6,900 | |
| Common Stock | | | | | | 154,000 | |
| Retained Earnings | | | | | | 46,700 | |
| Totals | $ | 215,400 | | | $ | 215,400 | |
|
The following is a summary of the transactions for the year:
| 1. | | January | | 9 | | Provide storage services for cash, $145,100, and on account,$57,700. |
| 2. | | February | | 12 | | Collect on accounts receivable, $52,600. |
| 3. | | April | | 25 | | Receive cash in advance from customers, $14,000. |
| 4. | | May | | 6 | | Purchase supplies on account, $11,400. |
| 5. | | July | | 15 | | Pay property taxes, $9,600. |
| 6. | | September | | 10 | | Pay on accounts payable, $12,500. |
| 7. | | October | | 31 | | Pay salaries, $134,600. |
| 8. | | November | | 20 | | Issue shares of common stock in exchange for $38,000 cash. |
| 9. | | December | | 30 | | Pay $3,900 cash dividends to stockholders. |
2. Prepare a post-closing trial balance.(Hint: The balance of Retained Earnings will be the amountshown in the balance sheet.)
4. Prepare an unadjusted trial balance
7. Prepare an adjusted trial balance
8-a. Prepare the income statement for the yearended December 31, 2021.
8-b. Prepare the classified balance sheet forthe year ended December 31, 2021. (Amounts to be deductedshould be indicated by a minus sign.)
9. Record closing entries. (If no entryis required for a particular transaction/event, select "No JournalEntry Required" in the first account field.)
1. 3. 6. & 10. Post the transactions,adjusting entries and closing entries to the T-accounts. Be sure toinclude beginning balances.
