Apex Consulting Corp's April joumal 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 GJI Cash Date Explanation 31 Mar Opening balance 11 Apr Issued Shares 1Apr Prepaid for rent 21 Apr Received payment for consulting in advance 11/Apr Paid for Onner with dient 16/Apt Received customer payment 19 Apr Paid for dinner with client 25 Apr Pald cash for salaries 25 Apr Pald for repairs to machinery 20 Apr tamed and received consulting even 30/Apr Paid for advertising expense 30/ Dividends 301 Paid for Insurance expense Account Relvalla Dale Explanation STN Opening to 141A red cowning revenue 15/Apr med og rever 16 Aproved customer payment Prepaid Ravi DM Prepaid for for GU190,000 GJI 11.400 GJI G2 10,080 GJ2 G3 GI GB 672 OS 6.4 G4 Account No. 101 Credit Balance 547,000 237.000 7,200 229,800 241,200 68 241,132 251.212 75 251.137 13.300 237,837 800 237,237 237.900 000 237,009 1.470 235,519 235.099 500 F Deon 62 12.286 2 10.000 2 Account MO 100 Credit Balance 147,000 159.288 16,30 10.00 150 288 F Debi 101 1.200 Account No. 131 Credit Balance 7200 Dute or Received euiment SUOMI Explanation F G1 Dibi 22 800 A No 167 Credit Balance 22.800 Machinery Latin Du Dube Account No. 159 CH Equipment Explanation Date 5/Apr F Debit GJ1 22,800 Account No. 167 Credit Balance 22,800 Received equipment Machinery Explanation F Debit Date 31/Mar Opening balance Account No. 169 Credit Balance 78,500 Accumulated Depreciation, Machinery Date Explanation 31/Mar Opening balance F Debit Account No. 170 Credit Balance 4,000 F Debit GJ1 Accounts Payable Date Explanation 31/Mar Opening balance 5/Apr Received equipment 21/Apr Received bill for utilities expense 24/Apr Received bill for advertising expense 30/Apr Paid bill for advertising expense Unearned Consulting Revenue Date Explanation 21 Apr Received payment for consulting in advance Share Capital Date Explanation 31/Mar Opening balance 1/Apr Issued shares Account No. 201 Credit Balance 56,500 22,800 79,300 800 80,100 900 81,000 80,100 GJ2 GJ3 GJ3 900 Debit F GJ1 Account No. 230 Credit Balance 11,400 11,400 F Debit Account No. 301 Credit Balance 169,000 90,000 259.000 GJ1 Date Dividends Explanation 30/Apt Dividends F GJ4 Debit 1,470 Account No. 302 Credit Balance 1,470 Date 31/Mar Opening balance Retained Earnings Explanation F Dobit Account No. 318 Credit Balance 143,000 Condi Debit Consulting Revenue Eamed Date Explanation 14/Apr Eamed consulting revenue 15/Apr Earned consulting revenue 26/Apr Earned and received consulting revenue F GJ2 GJ2 GJ3 Credit 12,288 10,080 672 Balance 12,288 22,368 23,040 Salaries Expense Explanation Date 25/Apr Paid cash for salaries F GJ3 Debit 13,300 Account No. 622 Credit Balance 13,300 Date 30/Apr Insurance Expense Explanation Pald for insurance expense F GJ4 Debit 500 Account No. 635 Credit Balance 500 F GJ3 Debit 900 Account No. 655 Credit Balance 900 Advertising Expense Date Explanation 24/Apr Received bill for advertising expense Food and Drinks Expense Date Explanation 11/Apr Paid for dinner with client 19/Apr Paid for dinner with client F GJ1 GJ2 Debit 68 75 Account No. 668 Credit Balance 68 143 Repair Expense Dato Explanation 25/Apr Paid for repairs to machinery Utilities Expense Date Explanation 21/Apr Received bill for utilities expense F GJ3 Debit 600 Account No. 684 Credit Balance 600 F GJ2 Debit 800 Account No. 690 Credit Balance 800 Part 3 [15 points) a) Prepare an unadjusted trial balance at April 30, 2014. HINT. Where do you get the information needed to prepare the unadjusted trial balance? The correct answer was: Apex Consulting Corp. Unadjusted Trial Balance April 30, 2014 Cash Accounts receivable Prepaid rent Equipment Machinery Accumulated depreciation, machinery Accounts payable Unearned consulting revenue Share capital Dividends Retained earnings Consulting revenue earned Salaries expense Insurance expense Advertising expense Food and drinks expense Repair expense Utilities expense Totals Debit Credit 235,039 159,288 7,200 22,800 78,500 4,000 80,100 11,400 259,000 1.470 143,000 23,040 13,300 500 900 143 600 BOO 520,540 520,540 b) What is the next step in the accounting cycle? The correct answer is: Prepare adjusting entries a) Prepare the appropriate adjusting entries on April 30, 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 wil be available in the solution to Part 4 General Journal Paon Date Account Explanation F De Credit b) What is the next step in the accounting cycle? O Prepare an unadjusted trial balance Analyze and Journalise transactions Prepare a post-closing trial balance Prepare financial statements Post transactions O Prepare an adjusted trial balance Prepare dosing entries This is the last step Official Time: 10:11:28 SUBMIT AND MARK Apex Consulting Corp's April joumal 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 GJI Cash Date Explanation 31 Mar Opening balance 11 Apr Issued Shares 1Apr Prepaid for rent 21 Apr Received payment for consulting in advance 11/Apr Paid for Onner with dient 16/Apt Received customer payment 19 Apr Paid for dinner with client 25 Apr Pald cash for salaries 25 Apr Pald for repairs to machinery 20 Apr tamed and received consulting even 30/Apr Paid for advertising expense 30/ Dividends 301 Paid for Insurance expense Account Relvalla Dale Explanation STN Opening to 141A red cowning revenue 15/Apr med og rever 16 Aproved customer payment Prepaid Ravi DM Prepaid for for GU190,000 GJI 11.400 GJI G2 10,080 GJ2 G3 GI GB 672 OS 6.4 G4 Account No. 101 Credit Balance 547,000 237.000 7,200 229,800 241,200 68 241,132 251.212 75 251.137 13.300 237,837 800 237,237 237.900 000 237,009 1.470 235,519 235.099 500 F Deon 62 12.286 2 10.000 2 Account MO 100 Credit Balance 147,000 159.288 16,30 10.00 150 288 F Debi 101 1.200 Account No. 131 Credit Balance 7200 Dute or Received euiment SUOMI Explanation F G1 Dibi 22 800 A No 167 Credit Balance 22.800 Machinery Latin Du Dube Account No. 159 CH Equipment Explanation Date 5/Apr F Debit GJ1 22,800 Account No. 167 Credit Balance 22,800 Received equipment Machinery Explanation F Debit Date 31/Mar Opening balance Account No. 169 Credit Balance 78,500 Accumulated Depreciation, Machinery Date Explanation 31/Mar Opening balance F Debit Account No. 170 Credit Balance 4,000 F Debit GJ1 Accounts Payable Date Explanation 31/Mar Opening balance 5/Apr Received equipment 21/Apr Received bill for utilities expense 24/Apr Received bill for advertising expense 30/Apr Paid bill for advertising expense Unearned Consulting Revenue Date Explanation 21 Apr Received payment for consulting in advance Share Capital Date Explanation 31/Mar Opening balance 1/Apr Issued shares Account No. 201 Credit Balance 56,500 22,800 79,300 800 80,100 900 81,000 80,100 GJ2 GJ3 GJ3 900 Debit F GJ1 Account No. 230 Credit Balance 11,400 11,400 F Debit Account No. 301 Credit Balance 169,000 90,000 259.000 GJ1 Date Dividends Explanation 30/Apt Dividends F GJ4 Debit 1,470 Account No. 302 Credit Balance 1,470 Date 31/Mar Opening balance Retained Earnings Explanation F Dobit Account No. 318 Credit Balance 143,000 Condi Debit Consulting Revenue Eamed Date Explanation 14/Apr Eamed consulting revenue 15/Apr Earned consulting revenue 26/Apr Earned and received consulting revenue F GJ2 GJ2 GJ3 Credit 12,288 10,080 672 Balance 12,288 22,368 23,040 Salaries Expense Explanation Date 25/Apr Paid cash for salaries F GJ3 Debit 13,300 Account No. 622 Credit Balance 13,300 Date 30/Apr Insurance Expense Explanation Pald for insurance expense F GJ4 Debit 500 Account No. 635 Credit Balance 500 F GJ3 Debit 900 Account No. 655 Credit Balance 900 Advertising Expense Date Explanation 24/Apr Received bill for advertising expense Food and Drinks Expense Date Explanation 11/Apr Paid for dinner with client 19/Apr Paid for dinner with client F GJ1 GJ2 Debit 68 75 Account No. 668 Credit Balance 68 143 Repair Expense Dato Explanation 25/Apr Paid for repairs to machinery Utilities Expense Date Explanation 21/Apr Received bill for utilities expense F GJ3 Debit 600 Account No. 684 Credit Balance 600 F GJ2 Debit 800 Account No. 690 Credit Balance 800 Part 3 [15 points) a) Prepare an unadjusted trial balance at April 30, 2014. HINT. Where do you get the information needed to prepare the unadjusted trial balance? The correct answer was: Apex Consulting Corp. Unadjusted Trial Balance April 30, 2014 Cash Accounts receivable Prepaid rent Equipment Machinery Accumulated depreciation, machinery Accounts payable Unearned consulting revenue Share capital Dividends Retained earnings Consulting revenue earned Salaries expense Insurance expense Advertising expense Food and drinks expense Repair expense Utilities expense Totals Debit Credit 235,039 159,288 7,200 22,800 78,500 4,000 80,100 11,400 259,000 1.470 143,000 23,040 13,300 500 900 143 600 BOO 520,540 520,540 b) What is the next step in the accounting cycle? The correct answer is: Prepare adjusting entries a) Prepare the appropriate adjusting entries on April 30, 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 wil be available in the solution to Part 4 General Journal Paon Date Account Explanation F De Credit b) What is the next step in the accounting cycle? O Prepare an unadjusted trial balance Analyze and Journalise transactions Prepare a post-closing trial balance Prepare financial statements Post transactions O Prepare an adjusted trial balance Prepare dosing entries This is the last step Official Time: 10:11:28 SUBMIT AND MARK