### 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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The intangible assets section of Riverbed Company at December 31, 2022, is presented here. Patents ($70,000 cost less $7,000 amortization) Franchises ($44,800 cost less $17,920 amortization) Total Jan. 2 Sept. 1 The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Oct. 1 $63,000 Nov.- Dec. 26,880 $89,880 Paid $21,600 legal costs to successfully defend the patent against infringement by another company. Paid $50,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials aired in September and October. Acquired a franchise for $111,600. The franchise has a useful life of 50 years. Developed a new product, incurring $145,000 in research and development costs during December. A patent was granted for the product on January 1, 2024.
On January 1, 2020, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $980,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $790,000, retained earnings of $340,000, and a noncontrolling interest fair value of $420,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing. During the next two years, Smashing reported the following: Inventory Dividends Purchases from Net Income Declared Corgan $190,000 210, 000 $240, 000 $44,000 54,000 2020 2021 220,000 Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2020 and 2021, 50 percent of the current year purchases remain in Smashing's inventory. a. Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2021. b. Prepare the worksheet…
Prepare a journal entry on August 13 for cash received for services rendered, $10,150. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: January 9 February 12 April 25 May 6 July 15 September 10 October 31 November 20 December 30 Provide storage services for cash, $135, 100, and on account, $52, 700. Collect on accounts receivable, $51, 600. Receive cash in advance from customers, $13,000. Purchase supplies on account, $9, 400. Pay property taxes, $8,600. Pay on accounts payable, $11,500. Pay salaries, $124, 600. Issue shares of common stock in exchange for $28,000 cash. Pay $2,900 cash dividends to stockholders.Prepare an unadjusted trial balance.
! Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $25,400 Credits 16,200 13,600 156,000 $7,500 6,600 151,000 46,100 Totals $211,200 $211,200 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $142,100, and on account, $56,200. Collect on accounts receivable, $52,300. Receive cash in advance from customers, $13,700. Purchase supplies on account, $10,800. Pay property taxes, $9,300. Pay on accounts payable, $12,200. Pay salaries, $131,600. Issue shares of common stock in exchange for $35,000 cash. Pay $3,600 cash dividends to stockholders. 1. 3. 6. & 10. Post the…
[The following Information applles to the quIestions alsplayed below Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and It reported two checks outstanding, No. 5888 for $1,028.05 and No. 5893 for $494.25. The following Information Is avallable for Its September 30 reconcilation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 16,800.45 9,628.85 11,272.85 18,453.25 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Anount Date Aпount 09/03 09/04 09/07 09/17 09/28 09/22 09/22 09/28 69/29 5888 1,e28.es 69/05 09/12 1,183.75 5982 719.90 2.226.90 5981 1,824,25 09/21 4,093.ee 2,351.7e 09/25 09/30 09/30 6e0.25 NSF 5985 937.00 12.5e IN 1,485.ee CM 5983 399.10 2,e90.ee 5984 5987 213.85 5989 1,807.65 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit 1,183.75 2,226.90 4,093.ee 2,351.7e 1,682.75 Sep. 5 12 21 25 30 11,458.18 Cash Disbursenents Check…
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1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance. "T-Account" example for several accounts. Assets Cash Accounts Receivable Inventory Beg $ 750,000 Beg $ 450,000 Beg $ 1,200,000 The following Post-Closing Trial Balance is available in EXCEL. Campln Inc. Post Closing Trial Balance 12/31/2020 Debit Credit Cash 750,000 Accounts Receivable 450,000 Allowance for Doubtful Accounts $ 10,000 Prepaid Insurance 100,000 Inventory 1,200,000 Equipment 4,500,000 Accumulated Depreciation - Equipment 1,350,000 Building 850,000 Accumulated Depreciation - Building $4 250,000 Land 1,100,000 Accounts Payable Salaries Payable 375,000 50,000 1,400,000 2,250,000 6,000 Mortgage Payable $ Long-Term Debt Common Stock - Par $0.01 APIC $ 2,994,000 Retained Earnings $ 265,000 8,950,000 8,950,000 $4
Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 closing entries. The account number for Income Summary is 901. View transaction list Journal entry worksheet View general Journal
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Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts. Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June. General Journal Date Description Post Ref. Debit Credit June 3 Inventory 116 50,400 Accounts Payable 210 50,400 June 6 Accounts Receivable 111 17,400 Sales 410 17,400 Costs Of Goods Sold 510 12,000 Inventory 116 12,000 June 8 Notes Receivable 114 500 Bad Debt Expense 522 500 June 10 Cash 104 40,000 Salaries Payable 211 40,000 Cash 104 26,000 Office Salaries Expense…
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