### 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 and Balances:**- **Accounts Payable**: $591- **Accounts Receivable**: $291- **Accumulated Depreciation**: $891- **Cash**: $1,491- **Common Stock**: $191- **Deferred Revenue**: $491- **Depreciation Expense**: $291- **Equipment**: $3,191- **Income Tax Expense**: $291- **Interest Revenue**: $491- **Notes Payable (long-term)**: $1,491- **Notes Payable (short-term)**: $191- **Prepaid Rent**: $1,191- **Rent Expense**: $291- **Retained Earnings**: $2,191- **Salaries and Wages Expense**: $6,791- **Service Revenue**: $491- **Supplies**: $491- **Supplies Expense**: $191- **Travel Expense**: $2,591---### PA4-1 (Algo) Part 33. **Prepare a post-closing trial balance at September 30, 2021.**---In this section, students will be able to utilize the provided list of account balances to prepare a trial balance for the end of the fiscal period. The objective is to ensure that the total debits equal the total credits after closing entries are made, validating the correctness of the ledger balances. **Starbooks Corporation: Post-Closing Trial Balance**A post-closing trial balance is a report of ledger account balances after closing entries have been made. It is prepared to verify that the total debits equal the total credits after the closing process, ensuring the ledger accounts are in balance for the next accounting period.Below is the format for Starbooks Corporation’s post-closing trial balance. Note that the debits and credits have not been populated in this sample.| **Account Titles** | **Debit** | **Credit** ||---------------------------------|-----------|------------|| 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 | | || Service Revenue | | || Interest Revenue | | || Travel Expense | | || Salaries and Wages Expense | | || Rent Expense | | || Depreciation Expense | | || Supplies Expense | | || Income Tax Expense | | || **Totals** | **$0** | **$0** |### Key Points:1. **Cash**: Represents the company's cash balance.2. **Accounts Receivable**: Amounts to be received from customers for sales made on credit.3. **Supplies**: Represents the cost of supplies that have not yet been used.4. **Prepaid Rent**: Rent paid in advance for future use.5. **Equipment**: The cost of equipment owned by the company.6. **Accumulated Depreciation**: Cumulative amount of depreciation expense that has been recorded against equipment.7. **Accounts Payable**: Amounts owed by the company to suppliers and creditors.8. **Deferred Revenue**: Payments received before services are rendered.9. **Notes Payable**: Short-term and long-term debts.10. **Common Stock**:

Trial balance contains various ledger balances on a particular date. It forms the basis for…

! 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 $591 291 Accumulated Depreciation 891 Cash 291 Common Stock 191 Deferred Revenue. 191 Depreciation Expense 291 Equipment 3, 191 Income Tax Expense 291 Interest Revenue 91 191 Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent 491 91 391 Rent Expense Retained Earnings 1,491 Salaries and Wages Expense 2,191 6,173 Service Revenue Supplies 491 191 Supplies Expense Travel Expense 2,591 PA4-1 (Algo) Part 3 3. Prepare a post-closing trial balance at September 30, 2021. Next > < Prev 8 of 8 #

! 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 $591 291 Accumulated Depreciation 891 Cash 291 Common Stock 191 Deferred Revenue. 191 Depreciation Expense 291 Equipment 3, 191 Income Tax Expense 291 Interest Revenue 91 191 Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent 491 91 391 Rent Expense Retained Earnings 1,491 Salaries and Wages Expense 2,191 6,173 Service Revenue Supplies 491 191 Supplies Expense Travel Expense 2,591 PA4-1 (Algo) Part 3 3. Prepare a post-closing trial balance at September 30, 2021. Next > < Prev 8 of 8 #

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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