F Debit 60,000 Cash Date Explanation 31/Oct Opening balance 1/Nov Issued shares 1/Nov Prepaid for rent 3/Nov Received payment for consulting in advance 5/Nov Earned and received consulting revenue 10/Nov Received customer payment 13/Nov Paid for repairs to computers 23/Nov Paid for dinner with client 25/Nov Paid cash for salaries 28/Nov Paid for dinner with client 30/Nov Paid bill for utilities expense 30/Nov Dividends 30/Nov Paid for insurance expense GJ1 GJ1 GJ1 GJ2 GJ2 16,800 440 7,304 Account No. 101 Credit Balance 203,000 263,000 1,200 261,800 278,600 279,040 286,344 500 285,844 121 285,723 14,450 271,273 90 271,183 500 270,683 12,600 258,083 600 257,483 GJ2 GJ3 GJ3 GJ3 GJ3 GJ4 GJ4 F Debit Accounts Receivable Date Explanation 31/Oct Opening balance 2/Nov Earned consulting revenue 6/Nov Earned consulting revenue 10/Nov Received customer payment Account No. 106 Credit Bal 44,000 51,304 65,912 7,304 58,608 GJ1 GJ2 GJ2 7,304 14,608 Date 1/Nov 30/Nov Prepaid Rent Explanation Prepaid for rent To adjust for the expired portion of prepaid rent expense. F GJ1 GJ5 Debit 1,200 Account No. 131 Credit Balance 1,200 100 1,100 Computers Explanation F Debit Date 31/Oct Account No. 151 Credit Balance 24,500 Opening balance F Debit Accumulated Depreciation, Computers Date Explanation 31/Oct Opening balance 30/Nov To record depreciation expense for November for the computers. Account No. 152 Credit Balance 3,000 550 3,550 GJ5 Machinery Explanation Date 3/Nov F GJ1 Debit 19,200 Account No. 169 Credit Balance 19,200 Received machinery. Accumulated Depreciation, Machinery Explanation To record depreciation expense for November for the machinery. Date 30/Nov Debit F GJ5 Account No. 170 Credit Balance 150 150 F Debit Accounts Payable Date Explanation 31/Oct Opening balance 3/Nov Received machinery. 20/Nov Received bill for utilities expense 26/Nov Received bill for advertising expense. 30/Nov Paid bill for utilities expense GJ1 GJ2 GJ3 GJ3 Account No. 201 Credit Balance 53,000 19,200 72,200 500 72,700 800 73,500 73,000 500 Salaries Payable Explanation To recognize accrued salaries, Date 30/Nov Debit F GJ5 Account No. 209 Credit Balance 2,550 2,550 Debit Date 3/Nov 30/Nov Unearned Consulting Revenue Explanation Received payment for consulting in advance. To recognize consulting revenue earned since advance, F GJ1 GJ5 Account No. 230 Credit Balance 16,800 16,800 14,400 2,400 Share Capital Explanation Date F Debit Account No. 301 Credit Balance 169,500 60,000 229,500 31/Oct 1/Nov Opening balance Issued shares GJ1 Dividends Explanation F Date 30/Nov Debit 12,600 Account No. 302 Credit Balance 12,600 Dividends GJ4 Retained Earnings Explanation F Debit Date 31/Oct Account No. 318 Credit Balance 46,000 Opening balance Debit Consulting Revenue Earned Date Explanation 2/Nov Earned consulting revenue 5/Nov Earned and received consulting revenue 6/Nov Earned consulting revenue 30/Nov To recognize consulting revenue earned since advance. F GJ1 GJ2 GJ2 GJ5 Account No. 403 Credit Balance 7,304 7,304 440 7,744 14,608 22,352 2,400 24,752 Depreciation Expense, Machinery Explanation To record depreciation expense for November for the machinery Date 30/Nov F Debit 150 Account No. 603 Credit Balance 150 GJ5 Date 30/Nov Depreciation Expense, Computers Explanation To record depreciation expense for November for the computers. F GJ5 Debit 550 Account No. 605 Credit Balance 550 F Date 25/Nov 30/Nov Salaries Expense Explanation Paid cash for salaries To recognize accrued salaries Account No. 622 Credit Balance 14,450 17,000 Debit 14,450 2,550 GJ3 GJ5 Insurance Expense Date Explanation 30/Nov Paid for insurance expense F Debit 600 Account No. 635 Credit Balance 600 GJ4 Rent Expense Date Explanation 30/Nov To adjust for the expired portion of prepaid rent expense. F GJ5 Debit 100 Account No. 640 Credit Balance 100 Date 26/Nov Advertising Expense Explanation Received bill for advertising expense. F GJ3 Debit 800 Account No. 655 Credit Balance 800 Food and Drinks Expense Date Explanation 23/Nov Paid for dinner with client 28/Nov Paid for dinner with client F GJ3 GJ3 Debit 121 90 Account No. 668 Credit Balance 121 211 Date 13/Nov Repair Expense Explanation Paid for repairs to computers ..... F GJ2 Debit 500 Account No. 684 Credit Balance 500 Utilities Expense Explanation Received bill for utilities expense. Date 20/Nov F Debit 500 Account No. 690 Credit Balance 500 GJ2 Part 5 [20 points] a) Prepare an adjusted trial balance at November 30, 2014. HINT: Where would you look to find the information needed to prepare the adjusted trial balance? Apex Consulting Corp. Adjusted Trial Balance November 30, 2014 Debit Credit Totals General Journal Page GJ5 Date Account/Explanation F Debit Credit 30/Nov Depreciation Expense, Computers. 605 550 Accumulated Depreciation, Computers 152 550 To record depreciation expense for November for the computers 30/Nov Depreciation Expense, Machinery.. 603 150 Accumulated Depreciation, Machinery.. 170 150 To record depreciation expense for November for the machinery 30/Nov Salaries Expense. 622 2,550 Salaries Payable 209 2,550 To recognize accrued salaries 30/Nov Unearned Consulting Revenue... 230 2,400 Consulting Revenue Earned. 403 2,400 To recognize consulting revenue earned since advance 30/Nov Rent Expense. 640 100 Prepaid Rent 131 100 To adjust for the expired portion of prepaid rent expense b) What is the next step in the accounting cycle? O Prepare financial statements O Prepare closing entries O Prepare a post-closing trial balance O Post transactions O Prepare adjusting entries O This is the last step O Prepare an unadjusted trial balance O Analyze and journalize transactions