Answered step by step
Verified Expert Solution
Question
1 Approved Answer
My retaining earning is saying is incorrect - please explain why? What am I miscalculating? ! Required information PA4-1 (Algo) Preparing a Trial Balance, Closing
My retaining earning is saying is incorrect - please explain why? What am I miscalculating?
! Required information PA4-1 (Algo) Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance [LO 4-3, LO 4-5] [The following information applies to the questions displayed below.] Starbooks 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. Assume the year ended on September 30, 2021. $ 603 Accounts Payable Accounts Receivable 303 Accumulated Depreciation 903 Cash 303 Common Stock 203 Deferred Revenue 203 303 Depreciation Expense Equipment. 3,203 Income Tax Expense 303 Interest Revenue 103 Notes Payable (long-term) 203 503 Notes Payable (short-term) Prepaid Rent 103 Rent Expense 403 Retained Earnings 1,503 Salaries and Wages Expense 2,203 Service Revenue 6,209 Supplies 503 203 Supplies Expense Travel Expense 2,603 PA4-1 (Algo) Part 3 3. Prepare a post-closing trial balance at September 30, 2021. STARBOOKS CORPORATION Post-closing Trial Balance At September 30, 2021 Account Titles Debit Credit Cash $ Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Deferred Revenue Notes Payable (short-term) Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Interest Revenue Travel Expense Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Income Tax Expense Totals $ 303 303 503 103 3,203 903 603 203 503 203 203 (4,203) 4,415 S (1,585)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started