Question

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, 2015.
Accounts Payable$604 Accounts Receivable 304 Accumulated Depreciation—Equipment 904 Cash 304 Common Stock 204 Depreciation Expense 304 Equipment 3,204 Income Tax Expense 304 Interest Revenue 104 Notes Payable (long-term) 204 Notes Payable (short-term) 504 Prepaid Rent 104 Rent Expense 404 Retained Earnings 1,504 Salaries and Wages Expense 2,204 Service Revenue 6,212 Supplies 504 Supplies Expense 204 Travel Expense 2,604 Unearned Revenue 204

Prepare the closing entry required at September 30, 2015. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. ( record the closing entries for transferring revenues and expenses.)

3. Prepare a post-closing trial balance at September 30, 2015.

Answer 1

Answer:

The journal entries required as at 30 September,2015 as well as the post-closing trial balance are hereby attached.

Explanation:

In preparing the journal entries, the golden rule of double of entry which opined that for every debit there must a corresponding credit and versa.

This implies each transaction event has two impacts in the books of accounts,as a result,both must be shown to ensure proper of keeping records and smooth accounting processes.

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