Case Study Part 1 Solution ~ Lyryx Learning Inc - Opera lifa 1.lyryx.com/student-servlets/CaseStudyServlet lifa 1.lyryx.com/student-servlets/CaseStudyServlet General Joumal General Journal Page GJ2 Date Account/Explanation F Debit Credit Date Account/Explanation F Debit Credit 1/Sep Cash. 85,000 8/Sep Food and Drinks Expense 137 yryx Spreadsheet Print Preferences Help Share Capital 85,000 cash. 13 Issued shares Paid for dinner with client Case Study Part 3 Solution 1/Sep Prepaid Insurance 9,600 11/Sep Accounts Receivable. 9, 184 Cash . Name: Avaiz Hassan 9.600 Consulting Revenue Earned 3.184 Date: 2020-12-09 2:3 Prepaid for insurance Earned consulting revenue 1/Sep Cash.. 7.200 22/Sep Cash. 9, 184 Unearned Consulting Revenue. 7 200 Accounts Receivable. 9.184 Part 3 [15 points] Received payment for consulting in advance Received customer payment ep Advertising Expense.. 90 a) Prepare an unadjusted trial balance at September 30, 2014. HINT: Where do you get the information needed to prepare the unadjusted trial balance? 3/Sep Furniture. 15,600 900 Accounts Payable 15,600 Accounts Payable... Received bill for advertising The correct answer was Received furniture 7/Sep Accounts Receivable.. 15,840 25/Sep Salaries Expense 15.200 HackSoft Corp. Consulting Revenue Earned. 15,840 Cash . 15,200 Unadjusted Trial Balance Earned consulting revenue Paid cash for salaries September 30, 2014 Debit Credit General Journal General Journal Page GJ4 Cash . 211,229 Date Account/Explanation Debit Credit Date Account/Explanation F Debit Credit Accounts receivable 137.524 26/Sep Accounts Receivable. 9, 184 30/Sep Food and Drinks Expense. 78 Prepaid insurance 9,600 Consulting Revenue Earned 9,184 Cash. 78 Furniture_ 15,600 Earned consulting revenue Paid for dinner with client Building 48.500 30/Sep 560 30/Sep Property Taxes Expense. 300 Accumulated depreciation, building. 3,500 Consulting Revenue Earned_ 660 Cash. 900 Accounts payable. 44 600 Earned and received consulting Unearned consulting revenue 7,200 evenue Paid for property taxes expense Share capital. 218,500 30/Sep Accounts Payable 900 Dividends 16,100 Cash.. 90 Retained earnings . 148,000 Paid bill for advertising exper Consulting revenue earned 34.868 30/Sep Dividends. 16,100 Salaries expense. 15,200 Cash. 16, 100 Advertising expense.. 900 Dividends Food and drinks expense 215 30/Sep Repair Expense 900 Property taxes expense Cash . 90 Repair expense . 900 Paid for repairs to building Totals 56,668 456,668 No journal entry was required for each of the following . Placed order for furniture (Purchase Order 6 plovee (Inter-Office Memo 2) at is the next step in the accounting cycle? . Sent reminder notice (Customer Statement for ABC Co) The correct answer is : Prepare adjusting entries CLOSE What is the he accounting cycle? Type here to search 6 0 14) ENG 2020- PMCase Study Part 1 Solution - Lyryx Learning Inc - Opera lifallyryx.com/student-servlets/CaseStudyServlet lifa 1.lyryx.com/student-servlets/CaseStudyServlet Case Study Part 1 Solution Name: Avaiz Hassan Date: 2020-12-09 1:02 yryx Spreadsheet Print Preferences Help Case Study Part 3 Solution Part 1 [70 points] Name: Avaiz Hassan Date: 2020-12-09 2:3 trial balance at August 31, 2014. HackSoft Corp. is a small computer consulting business. The company is organized as a corporation and provides consulting services, computer system installations, and custom program development. HackSoft Corp. showed the following alphabetized post-closing Balance Accounts payable_. 29,000 Part 3 [15 points] Accounts rece 112,500 a) Prepare an unadjusted trial balance at September 30, 2014. HINT: Where do you get the information needed to prepare the unadjusted trial balance? Accumulated depreciation, building. 3,500 Building. 48,500 The correct answer was Cash 153,00 Retained earnings . 148,00 HackSoft Corp. Share capital . 133,500 Unadjusted Trial Balance Note September 30, 2014 Debit Credit . There were 19,000 shares issued and outstanding on August 31, 2014. Cash . 211,229 . Depreciation on the building is $750 per month. Accounts receivable 137.524 . HackSoft Corp.'s salaries expense is a total of $800 per day for each work day (Monday-Friday) in the month (for simplicity, please ignore all statutory holidays). Prepaid insurance 9,600 Furniture_ 15,600 Building The following source documents are from September 48.500 Deposit slip (September 1) Invoice 7561 |Inter-Office Memo 2 Inter-Office Memo 4 Accumulated depreciation, building. 3,500 Receipt from Bonnie's Diner |Invoice 7563 Accounts payable. 44 600 Inter-Office Memo 1 Inter-Office Memo 5 Unearned consulting revenue 7,200 Receipt 4951 |Invoice 7562 |Inter-Office Memo 3 Receipt 998 Share capital_ 218,500 Purchase Order 6810 Receipt 4953 |Receipt 4952 |Receipt from George's Diner Dividends. 16,100 Invoice 7889 OnPace Advertising Bill Customer Statement for ABC Co |Inter-Office Memo 6 Retained earnings . 148,000 nsulting revenue earned 34.868 Salaries expense. 15,200 a) Analyze each of the preceding source documents and prepare journal entries using this information only. Note that some source documents may not require an entry. Also, all bills are recorded in the journal on the day they are received. Enter an appropriate Advertising expense.. 900 description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Food and drinks expense 215 Property taxes expense Repair expense. 900 The correct answer was Totals 56,668 456,668 General Journal Page G. General Journal Page GJ2 Date Account/Explanation F Debit Credit Date Account/Explanation F Debit Credit at is the next step in the accounting cycle? 1/Sep Cash. 85,000 8/Sep Food and Drinks Expense.. 137 The correct answer is : Prepare adjusting entries Share Capita 85,00 Cash. 13 Issued shares Paid for dinner with client CLOSE 1/Sep Prepaid Insurance 9,600 11/Sep Accounts Receivable. 9,18 Type here to search 6 0 !) ENG 2020- 12ND