Question

In: Accounting

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

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

Required:

1-a. Prepare an adjusted trial balance at September 30, 2015.

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.

PA4-1 Part 2

2.

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.)

  
  Accounts Payable $ 600
  Accounts Receivable 300
  Accumulated Depreciation—Equipment 900
  Cash 300
  Common Stock 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
  Unearned Revenue 200

Solutions

Expert Solution


Related Solutions

Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance. The following information applies to...
Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance. 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 $ 602 Accounts Receivable 302 Accumulated Depreciation 902 Cash 302 Common Stock 202 Deferred Revenue 202 Depreciation Expense...
Required information PA4-4 Identifying and Preparing Adjusting Journal Entries [LO 4-1, LO 4-2, LO 4-3, LO...
Required information PA4-4 Identifying and Preparing Adjusting Journal Entries [LO 4-1, LO 4-2, LO 4-3, LO 4-6] [The following information applies to the questions displayed below.] Val’s Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Account Names Debit Credit Further Information Cash $ 2,800 As reported on December 31 bank statement. Supplies 3,300 Based on count, only $800 of supplies still exist. Prepaid Rent 3,000 This...
Exercise 4-6 Preparing closing entries and the post-closing trial balance LO2,3,4 CHECK FIGURE: Post-closing trial balance...
Exercise 4-6 Preparing closing entries and the post-closing trial balance LO2,3,4 CHECK FIGURE: Post-closing trial balance columns = $51,300 The adjusted trial balance at April 30,2017 for Willard Co. follows Debit Credit 101 Cash 3,600 106 Account receivable 8,500 153 Trucks 26,000 154 Accumulated depreciation, trucks 8,250 193 Franchise 13,200 201 Accounts Payable 9,600 209 Salaries Payable 3,200 233 Unearned Revenue 1,300 301 Sid Willard, capital 29,100 302 Sid Willard, withdrawals. 9,600 401 Plumbing Revenue 42,050 611 Depreciation Expense, Trucks...
1. Prepare journal entry, 2. post to t-accounts (ledgers), 3. prepare trial balance, 4. prepare adjusting...
1. Prepare journal entry, 2. post to t-accounts (ledgers), 3. prepare trial balance, 4. prepare adjusting journal entries, 5. post adjusting journal entries to t-accounts(ledgers), 6. prepare adjusted trial balance, 7. prepare income statement, 8. prepare retained earnings statement, 9. prepare balance sheet, 10. prepare closing entries, 11.post closing entries to t-accounts(ledgers), 12. prepare post-closing trial balance. Answered from 1 to 12 in numerical order. For the past several years, Aaron Jones has operated a consulting business from his home...
Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial...
Post-Closing Trial Balance An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial Balance July 31, 2018 Debit Balances Credit Balances Cash 41,100 Accounts Receivable 317,400 Supplies 5,000 Equipment 162,750 Accumulated Depreciation - Equipment 73,300 Accounts Payable 82,500 Salaries Payable 5,500 Unearned Rent 12,000 Common Stock 65,000 Retained Earnings 287,950 879,250 173,250 Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct. If an amount box does...
Post the journal entries to T accounts Prepare a post-closing trial balance Northeast Company January 1,...
Post the journal entries to T accounts Prepare a post-closing trial balance Northeast Company January 1, 2017, Balance Sheet Cash 20,000 Accounts receivable 110,000 Less: Allowance for doubtful accounts (2,000) Inventory (500 units @ $20 each) 10,000 Equipment 9,000 Less: Accumulated depreciation (2,000) ----------------- Total assets 145,000 Accounts payable 20,000 Long-term notes payable (5% interest, due in 2019) 100,000 Capital stock 10,000 Retained earnings 15,000 ------------------- 145,000 Transactions or events: The company collected 98,000 of the accounts receivable in cash....
Prepare a post closing trial balance
Prepare a post closing trial balance.  
Prepare a post-closing trial balance.
Below is the closing entries for the year ended December 31, 2017 (b2) Prepare a post-closing trial balance. Crane Company Post-Closing Trial Balance Debit Credit Totals
Prepare a post-closing trial balance. If an amount box does not require an entry, leave it...
Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are as follows: Assume all accounts have normal balances. 110 Cash $ 83,600 112 Accounts receivable 233,900 115 Inventory 624,400 116 Estimated returns inventory 28,000 117 Prepaid insurance 16,800 118 Store supplies 11,400 123 Store equipment 569,500 124...
PA4-2 Analyzing and Recording Adjusting Journal Entries [LO 4-1, LO 4-2] Brokeback Towing Company is at...
PA4-2 Analyzing and Recording Adjusting Journal Entries [LO 4-1, LO 4-2] Brokeback Towing Company is at the end of its accounting year, December 31, 2015. The following data that must be considered were developed from the company’s records and related documents: a. On July 1, 2015, a two-year insurance premium on equipment in the amount of $672 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. b. At the end of 2015,...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT