FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 |
---|---|
291 | |
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 |
1,491 | |
Salaries and Wages Expense | 2,191 |
Service Revenue | 6,173 |
Supplies | 491 |
Supplies Expense | 191 |
Travel Expense | 2,591 |
- 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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- please provide in text format without imagearrow_forwardplease answerarrow_forwardThe cash account of SWITZER ltd. reported a balance of $2,500 at August 31,2020. Included were the outstanding cheques totalling $900 and on August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from HSBC bank, listed on August 31,2020, balance of $3,405. Included in the bank balance was on August 30 collection of $550 on account from a customer who pays the bank directly. The bank statement also shows a $20 service charge, $10 of interest revenue that SWITZER earned on its bank balance and an NSF cheque for $35. Make the company’s journal entries for transactions that arise from the bank reconciliation. Include an explanation with each entry.arrow_forward
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