Question

Required information (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 debitor credit balances. Assume the year ended on September 30, 2018 $ 592 292 892 292 192 292 3.192 Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Deferred Revenue Depreciation Expense Equipment Theone Taxpense 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 192 492 392 2. 192 6.176 192 2,592 3. Prepare a post-closing trial balance at September 30, 2018

Answer 1

Post Closing Tral Balance STARBOOKS CORPORATION Post Closing Trail balance September 30, 2018. Accounts Titles Debit Credit $ $ $ 292 292 492 92 3,192 $ $ 892 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 Totals $ 592 $ 192 $ 492 $ 192 $ 192 $ 1,808 $ 4,360 $ 4,360

Income Statement STARBOOKS CORPORATION Income Statement For the Year Ended September 30, 2018 Amount Amount Revenues Service revenue $ 6,176 Interest revenue $ Total Revenues $ 6,268 Less : Expenses Salaries and Wages Expense Rent expense Depreciation Expense Travel expense Supplies Expense Income tax expense Net Income $ (2,192) $ (392) $ (292) $ (2,592) $ (192) $ (292) $ (5,952) $ 316

Statement of Retained Earnings: STARBOOKS CORPORATION Statement of retained earnings For the Year Ended September 30, 2018 Particulars Amount Beginning balance $ 1,492 Add: Net Income $ 316 $ 1,808 Less : Dividend $ - Ending balance $ 1,808