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

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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 thousand dollars. Assume the year ended on September 30, 2014.
Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation Cash Contributed Copital Depreciation

Required
1. Prepare an adjusted trial balance at September 30, 2014. Is the Retained Earnings balance of $1,445,000 the amount that would be reported on the balance sheet as of September 30, 2014?
2. Prepare the closing entry required at September 30, 2014.
3. Prepare a post-closing trial balance at September 30, 2014?

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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Fundamentals of Financial Accounting

ISBN: 978-1259103292

4th Canadian edition

Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh

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