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equirement: 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 9). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 10-12). 3. Review the adjusted 'Trial Balance' as of December 31, 2021. 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15).

equirement: 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 9). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 10-12). 3. Review the adjusted 'Trial Balance' as of December 31, 2021. 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15).

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Requirement:

1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 - 9). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.

2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 10-12).

3. Review the adjusted 'Trial Balance' as of December 31, 2021.

4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab.

5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab.

6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-15).

 

For General Journal, Prepare the journal entries for transactions.

General Ledger, Each journal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

Trial Balance: The ending balance values from the General Ledger tab flows through to the Trial Balance below. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

Income Statement: Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

Balance Sheet: The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

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 12,600 151,000 Land 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 2. February 12 Collect on accounts receivable, $51,800. 3. Аpril 4. Мay 5. July 6. September 10 Pay on accounts payable, $11,700. 7. October 8. November 20 Issue shares of common stock in exchange for $30, 000 cash. 9. December 30 Pay $3, 100 cash dividends to stockholders. 9 Provide storage services for cash, $137,100, and on account, $53,700. 25 Receive cash in advance from customers, $13, 200. 6 Purchase supplies on account, $9,800. 15 Pay property taxes, $8,800. 31 Pay salaries, $126,600. Insurance expired during the year is $7,300. Supplies remalning on hand at the end of the year equal $3,200. Provide services of $12,100 related to cash pald in advance by customers. General General Income Requirement Trial Balance Balance Sheet Journal Ledger Statement The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.
Transcribed Image Text: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 12,600 151,000 Land 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 2. February 12 Collect on accounts receivable, $51,800. 3. Аpril 4. Мay 5. July 6. September 10 Pay on accounts payable, $11,700. 7. October 8. November 20 Issue shares of common stock in exchange for $30, 000 cash. 9. December 30 Pay $3, 100 cash dividends to stockholders. 9 Provide storage services for cash, $137,100, and on account, $53,700. 25 Receive cash in advance from customers, $13, 200. 6 Purchase supplies on account, $9,800. 15 Pay property taxes, $8,800. 31 Pay salaries, $126,600. Insurance expired during the year is $7,300. Supplies remalning on hand at the end of the year equal $3,200. Provide services of $12,100 related to cash pald in advance by customers. General General Income Requirement Trial Balance Balance Sheet Journal Ledger Statement The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.
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