FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
Question
The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Debits Credits $25,500 16,300 13,800 157,000 $7,600 6,700 Deferred Revenue Common Stock Retained Earnings Totals 152,000 46,300 $212,600 $212,600 The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $143,100, and on account, $56,700. 2. February 12 Collect on accounts receivable, $52,400. 3. April 25 4. May 6 5. July 15. 6. September 10 7. October 31 8. November 20 9. December 30 Receive cash in advance from customers, $13,800. Purchase supplies on account, $11,000. Pay property taxes, $9,400. Pay on accounts payable, $12,300. Pay salaries, $132,600. stock in dividends to Issue shares of Common exchange for $36,000 cash. Pay $3,700 cash stockholders. 4. Prepare an unadjusted trial balance ZIPS STORAGE Unadjusted Trial Balance December 31, 2024 Debit Credit Accounts Cash Accounts Receivable Prepaid Insurance 13,800 Supplies Land 157,000 Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Property Tax Expense Salaries Expense Insurance Expense Supplies Expense Totals 3,700 9,400 $ 183,900 $ 0
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Transcribed Image Text:The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Debits Credits $25,500 16,300 13,800 157,000 $7,600 6,700 Deferred Revenue Common Stock Retained Earnings Totals 152,000 46,300 $212,600 $212,600 The following is a summary of the transactions for the year. 1. January 9 Provide storage services for cash, $143,100, and on account, $56,700. 2. February 12 Collect on accounts receivable, $52,400. 3. April 25 4. May 6 5. July 15. 6. September 10 7. October 31 8. November 20 9. December 30 Receive cash in advance from customers, $13,800. Purchase supplies on account, $11,000. Pay property taxes, $9,400. Pay on accounts payable, $12,300. Pay salaries, $132,600. stock in dividends to Issue shares of Common exchange for $36,000 cash. Pay $3,700 cash stockholders. 4. Prepare an unadjusted trial balance ZIPS STORAGE Unadjusted Trial Balance December 31, 2024 Debit Credit Accounts Cash Accounts Receivable Prepaid Insurance 13,800 Supplies Land 157,000 Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Property Tax Expense Salaries Expense Insurance Expense Supplies Expense Totals 3,700 9,400 $ 183,900 $ 0
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