ElecBooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Amounts in the list of accounts are rounded to the nearest dollar. Assume the year ended on September 30, 2020.

Required: 1-a. Prepare an adjusted trial balance at September 30, 2020.

1-b. Is the Retained Earnings balance of $1,487 the amount that would be reported on the balance sheet as of September 30, 2020?

2. Prepare the closing entry required at September 30, 2020.

AccountsPayableAccountsReceivableAccruedLiabilitiesAccumulatedDepreciationCashContributedCapitalDepreciationExpenseGeneralandAdministrativeExpensesIncomeTaxExpenseInterestRevenueLong-TermDebtOtherCurrentAssetsOtherLong-LivedAssetsOtherOperatingExpensesPrepaidExpensesPropertyandEquipmentRetainedEarningsSellingExpensesServiceRevenuesShort-TermBankLoanStoreOperatingExpensesSuppliesDeferredRevenue$263205368314321165354371316106210855032111082,1841,4872,6476,5094902,208588189