Question

Problem 3-9A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) The general ledger of Zips Storage at January 1 2021. Includes the following account balances: Credits Debits $ 24,700 15,500 12,200 149,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,800 5,900 144,000 44,700 201,400 $ 201,400 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $135, 100, and on account, $52,700. 2. February 12 Collect on accounts receivable, $51,600. 3. April 25 Receive cash in advance from customers, $13,000. 4. May 6 Purchase supplies on account, $9,400. 5. July 15 Pay property taxes, $8,600. 6. September 10 Pay on accounts payable, $11,500. 7. October 31 Paysalaries, $124,600. 8. November 20 Issue shares of common stock in exchange for $20,000 cash. 9. December 30 Pay $2,900 cash dividends to stockholders. Insurance expired during the year is $7,100. Supplies remaining on hand at the end of the year equal $3,000. Provide services of $11.900 related to cash paid in advance by customers. General General Trial Income Balance Require. Journal Ledger Balance Statem... Sheet 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). RETETE General Journal >

Answer 1

1.

Date	Accounts Titles	Debit	Credit
Jan-09	Cash	$    1,35,100
	Accounts Receivable	$       52,700
	Service Revenue		$     1,87,800
Feb-12	Cash	$       51,600
	Accounts Receivable		$        51,600
Apr-25	Cash	$       13,000
	Deferred Revenue		$        13,000
May-06	Supplies	$         9,400
	Accounts Payable		$           9,400
Jul-15	Property Taxes Expense	$         8,600
	Cash		$           8,600
Sep-10	Accounts Payable	$       11,500
	Cash		$        11,500
Oct-31	Salaries Expense	$    1,24,600
	Cash		$     1,24,600
Nov-20	Cash	$       28,000
	Common Stock		$        28,000
Dec-30	Dividend	$         2,900
	Cash		$           2,900

2.

Date	Accounts Titles	Debit	Credit
Dec-31	Insurance Expense	$         7,100
	Prepaid Insurance		$           7,100
Dec-31	Supplies Expense	$         6,400
	Supplies		$           6,400
Dec-31	Deferred Revenue	$       11,900
	Service Revenue		$        11,900

3.

Accounts Titles	Debit	Credit
Cash	$    1,04,800
Accounts Receivable	$       16,600
Prepaid Insurance	$         5,100
Supplies	$         3,000
Land	$    1,49,000
Accounts Payable		$           4,700
Deferred Revenue		$           7,000
Common Stock		$     1,72,000
Retained Earnings		$        44,700
Dividend	$         2,900
Service Revenue		$     1,99,700
Salaries Expense	$    1,24,600
Supplies Expense	$         6,400
Property Tax Expense	$         8,600
Insurance Expense	$         7,100
Total	$   4,28,100	$     4,28,100

4.

Income Statement
Service Revenue		$     1,99,700
Expenses
Salaries Expense	$    1,24,600
Supplies Expense	$         6,400
Property Tax Expense	$         8,600
Insurance Expense	$         7,100
Total Expenses		$     1,46,700
Net Income		$        53,000

As per HOMEWORKLIB RULES we are suppose to answer 4 parts, i have answered 4, so kindly post other parts separately