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Accounting Assignment | College Homework Help

PA4-1 Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance [LO 4-3, LO 4-5]College Homework Help

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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 $ 600
Accounts Receivable 300
Accumulated Depreciation 900
Cash 300
Common Stock 200
Deferred Revenue 200
Depreciation Expense 300
Equipment 3,200
Income Tax Expense 300
Interest Revenue 100
Notes Payable (long-term) 200
Notes Payable (short-term) 500
Prepaid Rent 100
Rent Expense 400
Retained Earnings 1,500
Salaries and Wages Expense 2,200
Service Revenue 6,200
Supplies 500
Supplies Expense 200
Travel Expense 2,600

PA4-1 Part 1

Required:

  1. 1-a. Prepare an adjusted trial balance at September 30, 2018.

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  1. 1-b. Is the Retained Earnings balance of $1,500 the amount that would be reported on the balance sheet as of September 30, 2018?

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