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2018
The general ledger of Zips Storage at January 1 2018
The general ledger of Zips Storage at January 1, 2018, includes the following account balances:
a. January 9 Provide storage services for cash, $134,100, and on account, $52,200.
Required:
1. Set up the necessary T-accounts and enter the beginning balances from the trial balance. In
addition to the accounts shown, the company has accounts for Supplies, Dividends, Service
Revenue, Salaries Expense, Property Tax Expense, Supplies Expense, and Insurance
Expense.
5. Record adjusting entries. Insurance expired during the year is $7,000. Supplies remaining on
hand at the end of the year equal $2,900. Provide services of $11,800 related to cash paid in
8. Prepare an income statement for 2018 and a classified balance sheet as of December 31,
2018.
ANSWER
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