11. Prepare a post-closing trial balance.Required informationThe general ledger of Zips Storage at January 1, 2021, includes the following account balances: AccountsDebitsCreditCash24,600 Accounts Receivable15,400 Prepaid Insurance12,000 Land148,000 Accounts Payable 6,700Deferred Revenue 5,800Common Stock 143,000Retained Earnings 44,500Totals$200,000$200,000 The following is a summary of the transactions for the year: 1.January9Provide storage services for cash, $134,100, and on account, $52,200.2.February12Collect on accounts receivable, $51,500.3.April25Receive cash in advance from customers, $12,900.4.May6Purchase supplies on account, $9,200.5.July15Pay property taxes, $8,500.6.September10Pay on accounts payable, $11,400.7.October31Pay salaries, $123,600.8.November20Issue shares of common stock in exchange for $27,000 cash.9.December30Pay $2,800 cash dividends to stockholders. ZIPS STORAGEPost-Closing Trial BalanceDecember 31, 2021AccountsDebitCredit Totals$0$0

Ledgers accounts become the base for the preparation so the Trial balance. Trial balance contains:…

Answered: 11. Prepare a post-closing trial…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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

The following is a summary of the transactions for the year:

1.	January	9	Provide storage services for cash, $134,100, and on account, $52,200.
2.	February	12	Collect on accounts receivable, $51,500.
3.	April	25	Receive cash in advance from customers, $12,900.
4.	May	6	Purchase supplies on account, $9,200.
5.	July	15	Pay property taxes, $8,500.
6.	September	10	Pay on accounts payable, $11,400.
7.	October	31	Pay salaries, $123,600.
8.	November	20	Issue shares of common stock in exchange for $27,000 cash.
9.	December	30	Pay $2,800 cash dividends to stockholders.