Part 1 [70 points]
Elite Consulting Inc. is a small computer consulting business. The company is organized as a corporation and provides consulting services, computer system installations, and custom program development. Elite Consulting Inc. showed the following alphabetized post-closing trial balance at August 31, 2014. 
Part 1 [70 points] Elite Consulting Inc. is a small computer consulting business. The company organized as a corporation and provides consulting services, computer system installations, and custom program development. Elite Consulting Inc. showed the following alphabetized post-closing trial balance at August 31, 2014. Account Balance Accounts payable 30,000 Accounts receivable 137,000 Accumulated depreciation, building 3,500 Building 81,500 Cash 110,500 Retained earnings 106,000 Share capital 189,500 Note: There were 13,000 shares issued and outstanding on August 31, 2014. Depreciation on the building is $800 per month. Elite Consulting Inc.'s salaries expense is a total of $600 per day for each work day (Monday-Friday) in the month (for simplicity, please ignore all statutory holidays). The following source documents are from September : O Deposit slip (September 1) O Receipt 671 O Receipt from Jack's Diner O Inter-Office Memo 1 O Receipt 672 0 Receipt 673 0 Purchase Order 4800 O Invoice 4435 O Apex Advertising Bill 0 Invoice 4434 O Invoice 4436 Inter-Office Memo 2 O Invoice 1706 O Receipt 674 0 Inter-Office Memo 3 O Receipt 2386 O Inter-Office Memo 4 0 Customer Statement for BetaCo Inter-Office Memo 5 O Inter-Office Memo 6 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). General Journal Account/Explanation Page Gj1 F Debit Credit General Journal Account/Explanation Page GJ2 F Debit Credit Date Date + - + = + + = General Journal Account/Explanation Page GJ3 F Debit Credit General Journal Account/Explanation Date Date Page GJ4 F Debit Credit + = + -1 + = + - + = + + = + = b) What is the next step in the accounting Prepare financial statements Prepare an adjusted trial balance Prepare adjusting entries O Post transactions O Prepare an unadjusted trial balance This is the last step O Prepare closing entries O Prepare a post-closing trial balance Part 1 [70 points] Elite Consulting Inc. is a small computer consulting business. The company organized as a corporation and provides consulting services, computer system installations, and custom program development. Elite Consulting Inc. showed the following alphabetized post-closing trial balance at August 31, 2014. Account Balance Accounts payable 30,000 Accounts receivable 137,000 Accumulated depreciation, building 3,500 Building 81,500 Cash 110,500 Retained earnings 106,000 Share capital 189,500 Note: There were 13,000 shares issued and outstanding on August 31, 2014. Depreciation on the building is $800 per month. Elite Consulting Inc.'s salaries expense is a total of $600 per day for each work day (Monday-Friday) in the month (for simplicity, please ignore all statutory holidays). The following source documents are from September : O Deposit slip (September 1) O Receipt 671 O Receipt from Jack's Diner O Inter-Office Memo 1 O Receipt 672 0 Receipt 673 0 Purchase Order 4800 O Invoice 4435 O Apex Advertising Bill 0 Invoice 4434 O Invoice 4436 Inter-Office Memo 2 O Invoice 1706 O Receipt 674 0 Inter-Office Memo 3 O Receipt 2386 O Inter-Office Memo 4 0 Customer Statement for BetaCo Inter-Office Memo 5 O Inter-Office Memo 6 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). General Journal Account/Explanation Page Gj1 F Debit Credit General Journal Account/Explanation Page GJ2 F Debit Credit Date Date + - + = + + = General Journal Account/Explanation Page GJ3 F Debit Credit General Journal Account/Explanation Date Date Page GJ4 F Debit Credit + = + -1 + = + - + = + + = + = b) What is the next step in the accounting Prepare financial statements Prepare an adjusted trial balance Prepare adjusting entries O Post transactions O Prepare an unadjusted trial balance This is the last step O Prepare closing entries O Prepare a post-closing trial balance
