PA4-1 Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance (L04-3, L04-5) ElecBooks 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. Amounts in the list of accounts are rounded to the nearest dollar, Assume the year ended on September 30, 2020 Accounts Payable $275 209 Accounts Receivable Accrued Liabilities Accumulated Depreciation 372 318 Cash 325 Contributed Capital 169 Depreciation Expense 358 General and Administrative 375 Expenses 320 Income Tax Expense Interest Revenue Long-Term Debt Other Current Assets 110 214 89 515 Other Long-Lived Assets Other Operating Expenses i Prepaid Expenses 215 112 Property and Equipment 2,196 Retained Earnings 1,499 2,659 Selling Expenses Service Revenues Short-Term Bank Loan 6,549 494 2,220 Store Operating Expenses Supplies 600 Deferred Revenue 193 Required: 1-a. Prepare an adjusted trial balance at September 30, 2020
PA4-1 Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance (L04-3, L04-5) ElecBooks 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. Amounts in the list of accounts are rounded to the nearest dollar, Assume the year ended on September 30, 2020 Accounts Payable $275 209 Accounts Receivable Accrued Liabilities Accumulated Depreciation 372 318 Cash 325 Contributed Capital 169 Depreciation Expense 358 General and Administrative 375 Expenses 320 Income Tax Expense Interest Revenue Long-Term Debt Other Current Assets 110 214 89 515 Other Long-Lived Assets Other Operating Expenses i Prepaid Expenses 215 112 Property and Equipment 2,196 Retained Earnings 1,499 2,659 Selling Expenses Service Revenues Short-Term Bank Loan 6,549 494 2,220 Store Operating Expenses Supplies 600 Deferred Revenue 193 Required: 1-a. Prepare an adjusted trial balance at September 30, 2020
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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 alt="PA4-1 Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance (L04-3, L04-5)
ElecBooks 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 Amounts in the list
of accounts are rounded to the nearest dollar, Assume the year ended on September 30, 2020
$ 275
Accounts Payable
Accounts Receivable
Accrued Liabilities
209
372
Accumulated Depreciation
Cash
318
325
Contributed Capital
169
Depreciation Expense
358
General and Administrative
Expenses.
375
320
Income Tax Expense
Interest Revenue
Long-Term Debt
110
214
Other Current Assets
89
515
Other Long-Lived Assets
Other Operating Expenses i
Prepaid Expenses
215
112
2,196
Property and Equipment
Retained Earnings
Selling Expenses
Service Revenues
1,499
2,659
6,549
Short-Term Bank Loan
494
Store Operating Expenses
Supplies
2,220
600
Deferred Revenue
193
Required:
1-a. Prepare an adjusted trial balance at September 30, 2020
ELECBOOKS CORPORATION
Adjusted Trial Balance
At September 30, 2020
Debit
Credit
Account Titles
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4 of 4
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Transcribed Image Text:PA4-1 Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance (L04-3, L04-5)
ElecBooks 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 Amounts in the list
of accounts are rounded to the nearest dollar, Assume the year ended on September 30, 2020
$ 275
Accounts Payable
Accounts Receivable
Accrued Liabilities
209
372
Accumulated Depreciation
Cash
318
325
Contributed Capital
169
Depreciation Expense
358
General and Administrative
Expenses.
375
320
Income Tax Expense
Interest Revenue
Long-Term Debt
110
214
Other Current Assets
89
515
Other Long-Lived Assets
Other Operating Expenses i
Prepaid Expenses
215
112
2,196
Property and Equipment
Retained Earnings
Selling Expenses
Service Revenues
1,499
2,659
6,549
Short-Term Bank Loan
494
Store Operating Expenses
Supplies
2,220
600
Deferred Revenue
193
Required:
1-a. Prepare an adjusted trial balance at September 30, 2020
ELECBOOKS CORPORATION
Adjusted Trial Balance
At September 30, 2020
Debit
Credit
Account Titles
< Prev
4 of 4
Next >

Transcribed Image Text:1-b. is the Retained Earnings balance of $1,499 the amount that would be reported on the balance sheet as of
September 30, 2020?
Yes
No
k
2. Prepare the closing entry required at September 30, 2020. Of no entry is required for a transaction/event, select
"No journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
Record the closing entry at Sep 30,2020.
Note: Enter debits before credits.
Date
General Journal
September
30, 2020
Record entry
Clear entry
3. Prepare a post-closing trial balance at September 30, 2020.
ELECBOOKS CORPORATION
Post-Closing Trial Balance
At September 30, 2020
Debit
Credit
nce
Account Titles
Debit Credit
View general journal
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