Required information PA4-1 (Algo) 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, 2021. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Deferred Revenue Depreciation Expense Equipment Income Tax Expense 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 $ 609 309 909 309 209 209 309 3,209 309 109 209 509 109 409 1,509 2,209 6,227 509 209 2,609 PA4-1 (Algo) Part 2 2. Prepare the closing entry required at September 30, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Required information PA4-1 (Algo) 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, 2021. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Deferred Revenue Depreciation Expense Equipment Income Tax Expense 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 $ 609 309 909 309 209 209 309 3,209 309 109 209 509 109 409 1,509 2,209 6,227 509 209 2,609 PA4-1 (Algo) Part 2 2. Prepare the closing entry required at September 30, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Required information
PA4-1 (Algo) 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, 2021.
Accounts Payable
Accounts Receivable
Accumulated Depreciation
Cash
Common Stock
Deferred Revenue
Depreciation Expense
Equipment
Income Tax Expense
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
PA4-1 (Algo) Part 2
<
View transaction list
Journal entry worksheet
2. Prepare the closing entry required at September 30, 2021. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
1
$ 609
309
909
309
209
209
309
Note: Enter debits before credits.
3,209
309
109
209
509
109
409
Date
September 30, 2021
1,509
2,209
6,227
509
209
2,609
Record the closing entry required at September 30, 2021.
General Journal
Debit
Credit
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Transcribed Image Text:!
Required information
PA4-1 (Algo) 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, 2021.
Accounts Payable
Accounts Receivable
Accumulated Depreciation
Cash
Common Stock
Deferred Revenue
Depreciation Expense
Equipment
Income Tax Expense
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
PA4-1 (Algo) Part 2
<
View transaction list
Journal entry worksheet
2. Prepare the closing entry required at September 30, 2021. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
1
$ 609
309
909
309
209
209
309
Note: Enter debits before credits.
3,209
309
109
209
509
109
409
Date
September 30, 2021
1,509
2,209
6,227
509
209
2,609
Record the closing entry required at September 30, 2021.
General Journal
Debit
Credit
>
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