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.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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, 2021.

 

Accounts Payable $ 591
Accounts Receivable 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
Notes Payable (long-term) 191
Notes Payable (short-term) 491
Prepaid Rent 91
Rent Expense 391
Retained Earnings 1,491
Salaries and Wages Expense 2,191
Service Revenue 6,173
Supplies 491
Supplies Expense 191
Travel Expense 2,591

 

  1. Prepare the closing entry required at September 30, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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