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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 57
Preparinq a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance
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 and the dollars are rounded to the nearest thousand. Assume the year ended on September 30, 2012.
Required:
1. Prepare an adjusted trial balance at September 30, 2012. Is the Retained Earnings balance of $1,445 the amount that would be reported on the balance sheet as of September 30, 2012
2. Prepare the closing entry required at September 30, 2012.
3. Prepare a post-closing trial balance at September 30, 2012.
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 and the dollars are rounded to the nearest thousand. Assume the year ended on September 30, 2012.
Required:
1. Prepare an adjusted trial balance at September 30, 2012. Is the Retained Earnings balance of $1,445 the amount that would be reported on the balance sheet as of September 30, 2012
2. Prepare the closing entry required at September 30, 2012.
3. Prepare a post-closing trial balance at September 30, 2012.
Explanation
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Verified
1.
The adjusted trial balance at Septemb...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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