Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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, 2015. Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Common Stock Depreciation Expense Equipment Income Tax Expense Interest Revenue Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Rent Expense Retained Earnings Salaries and Wages Expense Service Revenue Supplies Supplies Expense Travel Expense Unearned Revenue 600 300 900 300 200 300 3,200 300 100 200 500 100 400 1,500 2.200 6,200 500 200 2.600 200 Required: 1-a. Prepare an adjusted trial balance at September 30, 2015. STARBOOKS CORPORATION Adjusted Trial Balance Debit Credit Account Titles Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Revenue Note Payable (short-term) Note 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 S 0 S 0 Is the Retained Earnings balance of $1,500 the amount that would be reported on the balance sheet as of September 30, 2015? Yes No Prepare the closing entry required at September 30, 2015. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet
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