Question

PA 4-1 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, 2018. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Deferred Revenue Depreciation Expense Equipment Income Tax Expense Interest Revenue Notes Payable long ters) Notes Payable (short-ters) Prepaid Rent Rent Expense Retained Earnings Salaries and Wages Expense Service Revenue Supplies Supplies Expense Travel Expense 303 1,693 19 19 2

Answer 1

Credit Debit $6,179 $ 93 $5.958 Trial Balance Account Title Debit Cash $ 293 Accounts Receivable $ 293 Prepaid Rent $ 93 Supplies $ 493 Equipment $ 3,193 Accumulated Depreciation Accounts Payable Notes payable(long term) Notes payable(short term) Deffered Revenue Common Stock Retained Earnings Service Revenue Interest Revenue Depreciation Expenses $ 293 Income Tax Expenses $ 293 Rent Expenses $ 393 Salaries & wages Expenses $ 2,193 Supplies expenses $ 193 Travel Expenses $ 2,593 $10,323 Closing entries Date General Journal Sep-30 Service Revenue Interest Revenue Income Summary Sep-30 Income Summary Depreciation Expenses Income Tax Expenses Rent Expenses Salaries & wages Expenses Supplies expenses Travel Expenses Sep-30 Income Summary Retained Earnings $ 893 $ 593 $ 193 $ 493 $ 193 $ 193 $ 1,493 $ 6,179 $ 93 Post-closing trial balance Credit Account Title Debit Credit Cash $ 293 Accounts Receivable $ 293 $ 6,272 Prepaid Rent $ 93 Supplies $ 493 $ 293 Equipment $3,193 $ 293 Accumulated Depreciation $ 893 $ 393 Accounts Payable $ 593 $ 2,193 Notes payable(long term) $ 193 $ 193 Notes payable(short term) $ 493 $ 2,593 6272-5958 Deffered Revenue $ 193 Common Stock $ 193 $ 314 Retained Earnings $ 1.807 Total $4,365 $ 4,365 $ 314 1493+314 $10,323