Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts

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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.

$ 600 Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Notes Payable (long-term) Notes Pa


Required:

1. Prepare an adjusted trial balance at September 30, 2018. Is the Retained Earnings balance of $1,500 the amount that would be reported on the balance sheet as of September 30, 2018?

2. Prepare the closing entry required at September 30, 2018.

3. Prepare a post-closing trial balance at September 30, 2018.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For  answer-question

Fundamentals of Financial Accounting

ISBN: 978-1259864230

6th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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