Need help to figure out adjusting entries at the bottom of the question page.

Apex Consulting 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. Apex Consulting Corp. showed the following alphabetized post-closing trial balance at October 31, 2014 Account Balance Accounts payable 53,000 Accounts receivable 44,000 Accumulated depreciation, computers. 3,000 Cash 203,000 Computers 24,500 Retained earnings 46,000 Share capital 169,500 Note: There were 18,000 shares issued and outstanding on October 31, 2014. Depreciation on the computers is $550 per month. Apex Consulting Corp.'s salaries expense is a total of $850 per day for each work day (Monday-Friday) in the month (for simplicity, please ignore all statutory holidays). 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 description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). The correct answer was Page Gj1 Credit Debit 60,000 Page GJ2 Debit Credit 440 440 60,000 1,200 1,200 14,608 14,608 7,304) General Journal Date Account/Explanation 1/Nov Cash Share Capital Issued shares 1/Nov Prepaid Rent Cash Prepaid for rent 2/Nov/ Accounts Receivable Consulting Revenue Earned Earned consulting revenue 3/Nov Machinery.. Accounts Payable Received machinery 3/Nov Cash Unearned Consulting Revenue, Received payment for consulting in advance General Journal Date Account/Explanation 5/Nov Cash Consulting Revenue Earned. Earned and received consulting revenue 6/Nov/ Accounts Receivable Consulting Revenue Earned. Earned consulting revenue 10/Nov Cash Accounts Receivable Received customer payment 13/Nov/ Repair Expense Cash Paid for repairs to computers 20/Nov Utilities Expense. Accounts Payable Received bill for utilities expense 7,304 7,304 7,304 19,200 19.200 500 500 16,800 16,800 500 500 Date Page GJ3 FDebit Credit 121 121 Page Gj4 Debit Credit 12,600 12,600 General Journal Account/Explanation 30/Nov Dividends Cash Dividends 30/Nov Insurance Expense Cash Paid for insurance expense 14,450 600 14,450 600 800 General Journal Date Account/Explanation 23/Nov Food and Drinks Expense. Cash Paid for dinner with client 25/Nov Salaries Expense. Cash Paid cash for salaries 26/Nov Advertising Expense. Accounts Payable. Received bill for advertising expense 28/Nov/Food and Drinks Expense Cash Paid for dinner with client 30/Nov/Accounts Payable Cash Paid bill for utilities expense 800 90 90 500 500 Apex Consulting Corp.'s November 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 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 60,000 GJ1 GJ1 16,800 GJ2 440 GJ2 7,304 GJ2 GJ3 GJ3 GJ3 GJ3 GJ4 GJ4 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 F Debit Date 31/Oct 2/Nov 6/Nov 10/Nov Accounts Receivable Explanation Opening balance Earned consulting revenue Earned consulting revenue. Received customer payment Account No. 106 Credit Balance 44,000 51,304 65,912 7,304 58,608 GJ1 GJ2 GJ2 7,304 14,608 Prepaid Rent Explanation Date 1/Nov F GJ1 Debit 1,200 Account No. 131 Credit Balance 1,200 Prepaid for rent Computers Explanation F Debit Date 31/Oct Opening balance. Account No. 151 Credit Balance 24.500 Accumulated Depreciation, Computers Date Explanation 31/Oct Opening balance. Debit Account No. 152 Credit Balance 3.000 Machinery Explanation Date 3/Nov F GJ1 Debit 19,200 Account No. 169 Credit Balance 19,200 Received machinery. F Debit Date 31/Oct 3/Nov 20/Nov 26/Nov 30/Nov Accounts Payable Explanation Opening balance Received machinery Received bill for utilities expense Received bill for advertising expense 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 Unearned Consulting Revenue Explanation Received payment for consulting in advance. F Date 3/Nov Debit Account No. 230 Credit Balance 16,800 16,800 GJ1 Share Capital Explanation F Debit Date 31/Oct Opening balance. 1/Nov Issued shares Account No. 301 Credit Balance 169,500 60,000 229,500 GJ1 Dividends Explanation Date 30/Nov Dividends F Debit GJ4 12,600 Account No. 302 Credit Balance 12,600 Retained Earnings Explanation F Debit Date 31/Oct Opening balance Account No. 318 Credit Balance 46,000 F Debit Date 2/Nov 5/Nov 6/Nov Consulting Revenue Earned Explanation Earned consulting revenue Earned and received consulting revenue Earned consulting revenue GJ1 GJ2 GJ2l Account No. 403 Credit Balance 7,304 7,304 440 7,744 14,608 22,352 Salaries Expense Explanation Date 25/Nov F GJ3 Debit 14,450 Account No. 622 Credit Balance 14,450 Paid cash for salaries Date Insurance Expense Explanation Paid for insurance expense F Debit 600 Account No. 635 Credit Balance 600 30/Nov GJ4 Advertising Expense Date Explanation 26/Nov Received bill for advertising expense F Debit Account No. 655 Credit Balance 800 GJ3 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 Repair Expense Explanation Paid for repairs to computers... Date 13/Nov F Debit 500 Account No. 684 Credit Balance 500 GJ2 Utilities Expense Date Explanation 20/Nov Received bill for utilities expense Debit 500 Account No. 690 Credit Balance 500 GJ2 a) Prepare an unadjusted trial balance at November 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 November 30, 2014 Cash Accounts receivable Prepaid rent Computers. Accumulated depreciation, computers 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 Utilities expense Debit Credit 257,483 58,608 1,200 24,500 3,000 19,200 73,000 16.800 229,500 12,600 46,000 22,352 14,450 600 800 211 500 500 390,652 390,652 Totals a) Prepare the appropriate adjusting entries on November 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 will be available in the solution to Part 4 General Journal Page GJ5 Date Account/Explanation F Debit Credit + 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 This is the last step O Prepare an adjusted trial balance O Prepare an unadjusted trial balance O Analyze and journalize transactions Apex Consulting 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. Apex Consulting Corp. showed the following alphabetized post-closing trial balance at October 31, 2014 Account Balance Accounts payable 53,000 Accounts receivable 44,000 Accumulated depreciation, computers. 3,000 Cash 203,000 Computers 24,500 Retained earnings 46,000 Share capital 169,500 Note: There were 18,000 shares issued and outstanding on October 31, 2014. Depreciation on the computers is $550 per month. Apex Consulting Corp.'s salaries expense is a total of $850 per day for each work day (Monday-Friday) in the month (for simplicity, please ignore all statutory holidays). 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 description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). The correct answer was Page Gj1 Credit Debit 60,000 Page GJ2 Debit Credit 440 440 60,000 1,200 1,200 14,608 14,608 7,304) General Journal Date Account/Explanation 1/Nov Cash Share Capital Issued shares 1/Nov Prepaid Rent Cash Prepaid for rent 2/Nov/ Accounts Receivable Consulting Revenue Earned Earned consulting revenue 3/Nov Machinery.. Accounts Payable Received machinery 3/Nov Cash Unearned Consulting Revenue, Received payment for consulting in advance General Journal Date Account/Explanation 5/Nov Cash Consulting Revenue Earned. Earned and received consulting revenue 6/Nov/ Accounts Receivable Consulting Revenue Earned. Earned consulting revenue 10/Nov Cash Accounts Receivable Received customer payment 13/Nov/ Repair Expense Cash Paid for repairs to computers 20/Nov Utilities Expense. Accounts Payable Received bill for utilities expense 7,304 7,304 7,304 19,200 19.200 500 500 16,800 16,800 500 500 Date Page GJ3 FDebit Credit 121 121 Page Gj4 Debit Credit 12,600 12,600 General Journal Account/Explanation 30/Nov Dividends Cash Dividends 30/Nov Insurance Expense Cash Paid for insurance expense 14,450 600 14,450 600 800 General Journal Date Account/Explanation 23/Nov Food and Drinks Expense. Cash Paid for dinner with client 25/Nov Salaries Expense. Cash Paid cash for salaries 26/Nov Advertising Expense. Accounts Payable. Received bill for advertising expense 28/Nov/Food and Drinks Expense Cash Paid for dinner with client 30/Nov/Accounts Payable Cash Paid bill for utilities expense 800 90 90 500 500 Apex Consulting Corp.'s November 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 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 60,000 GJ1 GJ1 16,800 GJ2 440 GJ2 7,304 GJ2 GJ3 GJ3 GJ3 GJ3 GJ4 GJ4 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 F Debit Date 31/Oct 2/Nov 6/Nov 10/Nov Accounts Receivable Explanation Opening balance Earned consulting revenue Earned consulting revenue. Received customer payment Account No. 106 Credit Balance 44,000 51,304 65,912 7,304 58,608 GJ1 GJ2 GJ2 7,304 14,608 Prepaid Rent Explanation Date 1/Nov F GJ1 Debit 1,200 Account No. 131 Credit Balance 1,200 Prepaid for rent Computers Explanation F Debit Date 31/Oct Opening balance. Account No. 151 Credit Balance 24.500 Accumulated Depreciation, Computers Date Explanation 31/Oct Opening balance. Debit Account No. 152 Credit Balance 3.000 Machinery Explanation Date 3/Nov F GJ1 Debit 19,200 Account No. 169 Credit Balance 19,200 Received machinery. F Debit Date 31/Oct 3/Nov 20/Nov 26/Nov 30/Nov Accounts Payable Explanation Opening balance Received machinery Received bill for utilities expense Received bill for advertising expense 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 Unearned Consulting Revenue Explanation Received payment for consulting in advance. F Date 3/Nov Debit Account No. 230 Credit Balance 16,800 16,800 GJ1 Share Capital Explanation F Debit Date 31/Oct Opening balance. 1/Nov Issued shares Account No. 301 Credit Balance 169,500 60,000 229,500 GJ1 Dividends Explanation Date 30/Nov Dividends F Debit GJ4 12,600 Account No. 302 Credit Balance 12,600 Retained Earnings Explanation F Debit Date 31/Oct Opening balance Account No. 318 Credit Balance 46,000 F Debit Date 2/Nov 5/Nov 6/Nov Consulting Revenue Earned Explanation Earned consulting revenue Earned and received consulting revenue Earned consulting revenue GJ1 GJ2 GJ2l Account No. 403 Credit Balance 7,304 7,304 440 7,744 14,608 22,352 Salaries Expense Explanation Date 25/Nov F GJ3 Debit 14,450 Account No. 622 Credit Balance 14,450 Paid cash for salaries Date Insurance Expense Explanation Paid for insurance expense F Debit 600 Account No. 635 Credit Balance 600 30/Nov GJ4 Advertising Expense Date Explanation 26/Nov Received bill for advertising expense F Debit Account No. 655 Credit Balance 800 GJ3 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 Repair Expense Explanation Paid for repairs to computers... Date 13/Nov F Debit 500 Account No. 684 Credit Balance 500 GJ2 Utilities Expense Date Explanation 20/Nov Received bill for utilities expense Debit 500 Account No. 690 Credit Balance 500 GJ2 a) Prepare an unadjusted trial balance at November 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 November 30, 2014 Cash Accounts receivable Prepaid rent Computers. Accumulated depreciation, computers 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 Utilities expense Debit Credit 257,483 58,608 1,200 24,500 3,000 19,200 73,000 16.800 229,500 12,600 46,000 22,352 14,450 600 800 211 500 500 390,652 390,652 Totals a) Prepare the appropriate adjusting entries on November 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 will be available in the solution to Part 4 General Journal Page GJ5 Date Account/Explanation F Debit Credit + 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 This is the last step O Prepare an adjusted trial balance O Prepare an unadjusted trial balance O Analyze and journalize transactions