11. Prepare a post-closing trial balance. Required information The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credit Cash 24,600 Accounts Receivable 15,400 Prepaid Insurance 12,000 Land 148,000 Accounts Payable 6,700 Deferred Revenue 5,800 Common Stock 143,000 Retained Earnings 44,500 Totals $200,000 $200,000 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. ZIPS STORAGE Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit Totals $0 $0
11. Prepare a post-closing trial balance. Required information The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credit Cash 24,600 Accounts Receivable 15,400 Prepaid Insurance 12,000 Land 148,000 Accounts Payable 6,700 Deferred Revenue 5,800 Common Stock 143,000 Retained Earnings 44,500 Totals $200,000 $200,000 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. ZIPS STORAGE Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit Totals $0 $0
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section16.5: Preparing A Post-closing Trial Balance
Problem 1WT
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Question
11. Prepare a post-closing
Required information
The general ledger of Zips Storage at January 1, 2021, includes the following account balances:
Accounts | Debits | Credit |
Cash | 24,600 | |
15,400 | ||
Prepaid Insurance | 12,000 | |
Land | 148,000 | |
Accounts Payable | 6,700 | |
Deferred Revenue | 5,800 | |
Common Stock | 143,000 | |
44,500 | ||
Totals | $200,000 | $200,000 |
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. |
|
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