a) Prepare the appropriate adjusting entries on January 31, 2014. HINT: Where might you look to find information to prepare the adjusting entries? NOTE: The adjusting entries will be automatically posted to the general ledger when you click 'submit' and the correct adjusted general ledger balances will be available in the solution to Part 4. General Journal Page GJ5 Date Account/Explanation F Debit Credit +1 + -1 b) What is the next step in the accounting cycle? O Prepare a post-closing trial balance O Prepare financial statements This is the last step O Prepare an unadjusted trial balance O Post transactions O Analyze and journalize transactions O Prepare closing entries Prepare an adiusted trial balance Credit $2,500 HackSoft Corp. Unadjusted Trial Balance January 31, 2014 Account Titles Debit Cash $222,830 Accounts Receivable $144,764 Prepaid Rent $6,000 Computers $94,500 Accumulated Dep.-Computers Furniture $16,800 Accounts Payable Unearned Consulting Revenue Share Capital Retained Earnings Dividends $7,800 Consulting Revenue Earned Food and Drinks Expense $134 Salaries Expense $16,200 Repairs Expense $700 Utilities Expense $500 Totals $510,228 $91,300 $18,000 $193,000 $176,500 $28,928 $510,228 ption-(c): Preparing adjusting entries HackSoft Corp.'s January journal entries have been posted to the general ledger for you as shown below. This is similar to how an accounting software package posts automatically. F Debit 40,000 Cash Date Explanation 31/Dec Opening balance 1/Jan Issued shares 1/Jan Prepaid for rent 2/Jan Paid for repairs to computers. 3/Jan Received payment for consulting in advance 4/Jan Earned and received consulting revenue 6/Jan Earned and received consulting revenue 23/Jan Paid for dinner with client 25/Jan Paid cash for salaries. 30/Jan Paid for dinner with client 31/Jan Received customer payment 31/Jan Paid bill for utilities expense. 31/Jan Dividends 18,000 304 456 GJ1 GJ1 GJ1 GJ1 GJ2 GJ2 GJ3 GJ3 GJ3 GJ3 GJ4 GJ4 Account No. 101 Credit Balance 187,500 227,500 6,000 221,500 700 220,800 238,800 239,104 239,560 58 239,502 16,200 223,302 76 223,226 231, 130 500 230,630 7,800 222,830 7,904 F Debit Accounts Receivable Date Explanation 31/Dec Opening balance 13/Jan Earned consulting revenue 15/Jan Earned consulting revenue 24/Jan Earned consulting revenue 31/Jan Received customer payment GJ2 GJ2 GJ3 GJ3 11,552 7,904 8,712 Account No. 106 Credit Balance 124,500 136,052 143,956 152,668 7,904 144,764 Prepaid Rent Explanation F Date 1/Jan Debit 6,000 Account No. 131 Credit Balance 6,000 Prepaid for rent GJ1 Computers Explanation F Debit Date 31/Dec Account No. 151 Credit Balance 94,500 Opening balance Accumulated Depreciation, Computers Explanation Opening balance F Date 31/Dec Debit Account No. 152 Credit Balance 2,500 Furniture Explanation Date F GJ1 Debit 16,800 Account No. 161 Credit Balance 16,800 4/Jan Received furniture F Debit Accounts Payable Date Explanation 31/Dec Opening balance 4/Jan Received furniture 22/Jan Received bill for utilities expense 31/Jan Paid bill for utilities expense. Account No. 201 Credit Balance 74,500 16,800 91,300 500 91,800 91,300 GJ1 GJ2 GJ4 500 Unearned Consulting Revenue Explanation Received payment for consulting in advance Date 3/Jan Debit Account No. 230 Credit Balance 18,000 18,000 GJ1 Share Capital Explanation F Debit Date 31/Dec Opening balance 1/Jan Issued shares Account No. 301 Credit Balance 153,000 40,000 193,000 GJ1 Dividends Explanation F Date 31/Jan Debit 7,800 Account No. 302 Credit Balance 7,800 Dividends GJ4 Retained Earnings Explanation F Debit Date 31/Dec Account No. 318 Credit Balance 176,500 Opening balance Debit Date 4/Jan 6/Jan 13/Jan 15/Jan 24/Jan Consulting Revenue Earned Explanation Earned and received consulting revenue Earned and received consulting revenue. Earned consulting revenue Earned consulting revenue Earned consulting revenue, F GJ2 GJ2 GJ2 GJ2 GJ3 Account No. 403 Credit Balance 304 304 456 760 11,552 12,312 7,904 20,216 8,712 28,928 Salaries Expense Explanation Date 25/Jan F GJ3 Debit 16,200 Account No. 622 Credit Balance 16,200 Paid cash for salaries Date 23/Jan 30/Jan Food and Drinks Expense Explanation Paid for dinner with client Paid for dinner with client F GJ3 GJ3 Debit 58 76 Account No. 668 Credit Balance 58 134 Date 2/Jan Repair Expense Explanation Paid for repairs to computers F GJ1 Debit 700 Account No. 684 Credit Balance 700 Date 22/Jan Utilities Expense Explanation Received bill for utilities expense. F GJ2 Debit 500 Account No. 690 Credit Balance 500 a) Prepare the appropriate adjusting entries on January 31, 2014. HINT: Where might you look to find information to prepare the adjusting entries? NOTE: The adjusting entries will be automatically posted to the general ledger when you click 'submit' and the correct adjusted general ledger balances will be available in the solution to Part 4. General Journal Page GJ5 Date Account/Explanation F Debit Credit +1 + -1 b) What is the next step in the accounting cycle? O Prepare a post-closing trial balance O Prepare financial statements This is the last step O Prepare an unadjusted trial balance O Post transactions O Analyze and journalize transactions O Prepare closing entries Prepare an adiusted trial balance Credit $2,500 HackSoft Corp. Unadjusted Trial Balance January 31, 2014 Account Titles Debit Cash $222,830 Accounts Receivable $144,764 Prepaid Rent $6,000 Computers $94,500 Accumulated Dep.-Computers Furniture $16,800 Accounts Payable Unearned Consulting Revenue Share Capital Retained Earnings Dividends $7,800 Consulting Revenue Earned Food and Drinks Expense $134 Salaries Expense $16,200 Repairs Expense $700 Utilities Expense $500 Totals $510,228 $91,300 $18,000 $193,000 $176,500 $28,928 $510,228 ption-(c): Preparing adjusting entries HackSoft Corp.'s January journal entries have been posted to the general ledger for you as shown below. This is similar to how an accounting software package posts automatically. F Debit 40,000 Cash Date Explanation 31/Dec Opening balance 1/Jan Issued shares 1/Jan Prepaid for rent 2/Jan Paid for repairs to computers. 3/Jan Received payment for consulting in advance 4/Jan Earned and received consulting revenue 6/Jan Earned and received consulting revenue 23/Jan Paid for dinner with client 25/Jan Paid cash for salaries. 30/Jan Paid for dinner with client 31/Jan Received customer payment 31/Jan Paid bill for utilities expense. 31/Jan Dividends 18,000 304 456 GJ1 GJ1 GJ1 GJ1 GJ2 GJ2 GJ3 GJ3 GJ3 GJ3 GJ4 GJ4 Account No. 101 Credit Balance 187,500 227,500 6,000 221,500 700 220,800 238,800 239,104 239,560 58 239,502 16,200 223,302 76 223,226 231, 130 500 230,630 7,800 222,830 7,904 F Debit Accounts Receivable Date Explanation 31/Dec Opening balance 13/Jan Earned consulting revenue 15/Jan Earned consulting revenue 24/Jan Earned consulting revenue 31/Jan Received customer payment GJ2 GJ2 GJ3 GJ3 11,552 7,904 8,712 Account No. 106 Credit Balance 124,500 136,052 143,956 152,668 7,904 144,764 Prepaid Rent Explanation F Date 1/Jan Debit 6,000 Account No. 131 Credit Balance 6,000 Prepaid for rent GJ1 Computers Explanation F Debit Date 31/Dec Account No. 151 Credit Balance 94,500 Opening balance Accumulated Depreciation, Computers Explanation Opening balance F Date 31/Dec Debit Account No. 152 Credit Balance 2,500 Furniture Explanation Date F GJ1 Debit 16,800 Account No. 161 Credit Balance 16,800 4/Jan Received furniture F Debit Accounts Payable Date Explanation 31/Dec Opening balance 4/Jan Received furniture 22/Jan Received bill for utilities expense 31/Jan Paid bill for utilities expense. Account No. 201 Credit Balance 74,500 16,800 91,300 500 91,800 91,300 GJ1 GJ2 GJ4 500 Unearned Consulting Revenue Explanation Received payment for consulting in advance Date 3/Jan Debit Account No. 230 Credit Balance 18,000 18,000 GJ1 Share Capital Explanation F Debit Date 31/Dec Opening balance 1/Jan Issued shares Account No. 301 Credit Balance 153,000 40,000 193,000 GJ1 Dividends Explanation F Date 31/Jan Debit 7,800 Account No. 302 Credit Balance 7,800 Dividends GJ4 Retained Earnings Explanation F Debit Date 31/Dec Account No. 318 Credit Balance 176,500 Opening balance Debit Date 4/Jan 6/Jan 13/Jan 15/Jan 24/Jan Consulting Revenue Earned Explanation Earned and received consulting revenue Earned and received consulting revenue. Earned consulting revenue Earned consulting revenue Earned consulting revenue, F GJ2 GJ2 GJ2 GJ2 GJ3 Account No. 403 Credit Balance 304 304 456 760 11,552 12,312 7,904 20,216 8,712 28,928 Salaries Expense Explanation Date 25/Jan F GJ3 Debit 16,200 Account No. 622 Credit Balance 16,200 Paid cash for salaries Date 23/Jan 30/Jan Food and Drinks Expense Explanation Paid for dinner with client Paid for dinner with client F GJ3 GJ3 Debit 58 76 Account No. 668 Credit Balance 58 134 Date 2/Jan Repair Expense Explanation Paid for repairs to computers F GJ1 Debit 700 Account No. 684 Credit Balance 700 Date 22/Jan Utilities Expense Explanation Received bill for utilities expense. F GJ2 Debit 500 Account No. 690 Credit Balance 500