closing alphabetized trial balance at July 31, 2024 follows. 1 See the Accounts Receivable Subledger below for details regarding customer balances. 2 See the Accounts Payable Subledger below for details regarding creditor balances. 3 There are an unlimited number of shares authorized with 30,000 shares issued and outstanding as at July 31, 2024. 4 This is a 10% note due July 15,2027 with interest collectible on the 15th of each month. Refer to the collection schedule below for the note details. rounded for convenience. 5 See the Merchandise Inventory Subledger below for details of inventory holdings. 6 The balance in Prepaid Advertising represents payment for 4 months starting August 1, 2024 . 7 See the Property, Plant and Equipment Subledger below for detailed information. 2/10, n/30. Merchandise sells for $212 per unit. The following source documents are from August: For all parts of the Case Study, round all calculations to two decimal places unless otherwise specified. a) Journalizing: Prepare joumal entries based on an analysis of the preceding source documents and post-closing trial balance as well as the tables and subledgers below. Note that some source documents may not require an entry. Use the gross method for recording purchases. Enter an appropriate description when entering the transactions in the joumal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). subledgers will be the abbreviation for the general journal (GJ1 or GJ2 as appropriate). Property, Plant and Equipment Subledger Coot lnfarmation Notes: 1. Calculated to the nearest whole month for partial periods. 2. For Double-Declining-Balance, depreciation is calculated for the fiscal year and then divided by the number of months the asset was used in that fiscal year to get the depreciation per month. Round final values to the nearest whole dollar. c) What is the next step in the accounting cycle? Post adjusting entries Post closing entries Prepare bank reconciliation and adjusting entries Property, Plant and Equipment Subledger ivutes. 1. Calculated to the nearest whole month for partial periods. 2. For Double-Declining-Balance, depreciation is calculated for the fiscal year and then divided by the number of months the asset was used in that fiscal year to get the depreciation per month. Round final values to the nearest whole dollar. c) What is the next step in the accounting cycle? Post adjusting entries Post closing entries Prepare bank reconciliation and adjusting entries This is the last step Prepare an adjusted trial balance Prepare a post-closing trial balance Post transactions Prepare an unadjusted trial balance Prepare financial statements Prepare closing entries Official Time: 20:32:43 Please write cheque #1027 to Zcom Inc. in payment of the July 18 , 2024 purchase. Thanks, Judith Grimm as well as the tables and subledgers below. Note that some source ering the transactions in the journal. Dates must be entered in the format as well as the tables and subledgers below. Note that some source as well as the tables and subledqers below. Note that some source as well as the tables and subledqers below. Note that some source Inter-Office Memo 22 Date: August 15, 2024 From: Judith Grimm To: Office Assistant Subject: Cash Disbursement Employees earn monthly salaries and are paid bi-monthly. Please prepare a cheque (\#1028) in payment of mid-month sales salaries, $37,000 and mid-month office salaries, $14,000. Thanks, Judith Grimm closing alphabetized trial balance at July 31, 2024 follows. 1 See the Accounts Receivable Subledger below for details regarding customer balances. 2 See the Accounts Payable Subledger below for details regarding creditor balances. 3 There are an unlimited number of shares authorized with 30,000 shares issued and outstanding as at July 31, 2024. 4 This is a 10% note due July 15,2027 with interest collectible on the 15th of each month. Refer to the collection schedule below for the note details. rounded for convenience. 5 See the Merchandise Inventory Subledger below for details of inventory holdings. 6 The balance in Prepaid Advertising represents payment for 4 months starting August 1, 2024 . 7 See the Property, Plant and Equipment Subledger below for detailed information. 2/10, n/30. Merchandise sells for $212 per unit. The following source documents are from August: For all parts of the Case Study, round all calculations to two decimal places unless otherwise specified. a) Journalizing: Prepare joumal entries based on an analysis of the preceding source documents and post-closing trial balance as well as the tables and subledgers below. Note that some source documents may not require an entry. Use the gross method for recording purchases. Enter an appropriate description when entering the transactions in the joumal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). subledgers will be the abbreviation for the general journal (GJ1 or GJ2 as appropriate). Property, Plant and Equipment Subledger Coot lnfarmation Notes: 1. Calculated to the nearest whole month for partial periods. 2. For Double-Declining-Balance, depreciation is calculated for the fiscal year and then divided by the number of months the asset was used in that fiscal year to get the depreciation per month. Round final values to the nearest whole dollar. c) What is the next step in the accounting cycle? Post adjusting entries Post closing entries Prepare bank reconciliation and adjusting entries Property, Plant and Equipment Subledger ivutes. 1. Calculated to the nearest whole month for partial periods. 2. For Double-Declining-Balance, depreciation is calculated for the fiscal year and then divided by the number of months the asset was used in that fiscal year to get the depreciation per month. Round final values to the nearest whole dollar. c) What is the next step in the accounting cycle? Post adjusting entries Post closing entries Prepare bank reconciliation and adjusting entries This is the last step Prepare an adjusted trial balance Prepare a post-closing trial balance Post transactions Prepare an unadjusted trial balance Prepare financial statements Prepare closing entries Official Time: 20:32:43 Please write cheque #1027 to Zcom Inc. in payment of the July 18 , 2024 purchase. Thanks, Judith Grimm as well as the tables and subledgers below. Note that some source ering the transactions in the journal. Dates must be entered in the format as well as the tables and subledgers below. Note that some source as well as the tables and subledqers below. Note that some source as well as the tables and subledqers below. Note that some source Inter-Office Memo 22 Date: August 15, 2024 From: Judith Grimm To: Office Assistant Subject: Cash Disbursement Employees earn monthly salaries and are paid bi-monthly. Please prepare a cheque (\#1028) in payment of mid-month sales salaries, $37,000 and mid-month office salaries, $14,000. Thanks, Judith Grimm
