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Phantom 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. Phantom Consulting Inc. showed the following alphabetized post-closing trial balance at March 31, 2014 BARCE Accounts payable 26.500 Accounts receivable 49,500 Accumulated depreciation, building 4.500 Building 30.000 Cash 126,000 Retained eaming 110,000 Share capital 71,500 Note: There were 10,000 shares issued and outstanding on March 31, 2014 Depreciation on the building is $900 per month Phantom Consulting Inc.'s salaries expense is a total of $550 per day for each work day (Monday-Friday) in the month (for simplicity, please ignore all statutory holidays) The following source documents are from April Deposit slip (April 1) de 3295 The Grayson Group Bill Purchase Order 4907 Purchase Order 1240 Inter-Office Memo 2 Receipt from George's Diner Recept 5881 Inter-Oo Meno 1 Invoice 5375 Invoice 5376 Customer Statement for ABC Co Recept 5878 Racot 580 Vancouver Hydro B Inter-Office Moms 4 Receipt 5879 Recept8730 Inter-Office Memo 3 Inter-Omice Memo 5 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) ER Date General Joumal Account Explanation F Debt Page at Credit General Journal Account Explanation Page 2 Date F Debt C Date General Journal Account Explanation Page Gj1 F Debit Credit Date General Journal AccountExplanation Page GJ2 F Debit Credit D + + T + - + T + +1 - Date General Journal Account Explanation Page GJ3 F Debit Credit General Journal Account Explanation Date Page GJA Credit F Debit + T + - + T + + b) What is the next step in the accounting cycle? O Prepare a post-closing trial balance O Prepare an unadjusted trial balance O This is the last step O Prepare financial statements O Prepare closing entries O Prepare an adjusted trial balance O Prepare adjusting entries O Post transactions Deposit slip (April 1) SI Sundown Co 11241 Franklin Road Vancouver, British Columbia G8A 8D3 Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A1Q 9R6 Date: April 1, 2014 Account No.: 6362 up Cash -FI Cheques (re: 5,000 shares issued today) $60,000 Total Deposits $60,000 ABI Purchase Order 1249 x Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A1Q 9R6 Date: April 1, 2014 PO No.: 1249 Vendor: Judith's Equipment 3378 Franklin Road Vancouver, British Columbia J8K 7K9 Ship To: Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A1Q 9R6 Ordered Item No. Description Total Unit Price EQU412 1 $12,000 $12,000 -Fi Equipment Estimated useful life : 10 years. Estimated residual value : $1,200. Sub- Total: $12,000 Shipping 0 Purchase Order 1249 x Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A1Q 9R6 Date: April 1, 2014 PO No.: 1249 Vendor: Judith's Equipment 3378 Franklin Road Vancouver, British Columbia J8K 7K9 Ship To: Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A1Q 9R6 Ordered Item No. Description Total Unit Price EQU412 1 $12,000 $12,000 -Fi Equipment Estimated useful life : 10 years. Estimated residual value : $1,200. Sub- Total: $12,000 Shipping 0 X Inter-Office Memo 1 Date: April 1, 2014 From: Carlos Young To: Office Assistant Subject: Cash Disbursement tid Please write a cheque to ABC Co in the amount of $9,600. This will pay for insurance for the next 12 months. Thanks, Carlos Young ip -F ar AB X Receipt 5878 Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A1Q 9R6 Date: April 2, 2014 Receipt No.: 5878 Customer: AlfaCo 4941 64 Avenue Vancouver, British Columbia Y4S 3N8 Rep: Susan Huang Invoice No.: Verbal Unit Price Total Qty Description 2 Installation of new network component, $127 $254 per hour Total: $254 Paid: $254 BI Balance Due: $0 EX or? Receipt 5879 OS Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A10 9R6 Date: April 3, 2014 Receipt No.: 5879 Customer: Sundown Co 11510 Paper Trail Vancouver, British Columbia M1R 9H4 Rep: Carter Stark Unit Price Total Qty Description 5 Ongoing consulting regarding security, per month. To begin immediately and end August 31, 2014. FU $2,200 $11,000 ABI Total: $11,000 Paid: $11,000 Balance Due: $0 X or Invoice 3295 as Judith's Equipment 3378 Franklin Road Vancouver, British Columbia J8K 7K9 Date: April 4, 2014 Invoice No.: 3295 Lions Customer: Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A1Q 9R6 Rep: Carlos Young PO No.: 1249 up K Qty Description Total Unit Price $12,000 $12,000 FI 1 Equipment as ordered on April 1, 2014. Estimated useful life : 10 years. Estimated residual value : $1,200. Sub- Total: $12,000 - Freight: 0 Total: $12,000 Inter-Office Memo 2 Date: April 7, 2014 From: Carlos Young To: Office Assistant Subject: New Hire tions Travis Goodall has accepted our job offer and will begin employment with us on May 1. Please get everything ready for that date. Thanks, Carlos Young Up ora Invoice 5375 OST Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A1Q 9R6 Date: April 10, 2014 Invoice No.: 5375 Customer: ABC Co 583 55 Street Vancouver, British Columbia S9Y 8X9 Rep: Susan West PO No.: Verbal Qty Description Total Unit Price $127 $3,048 -Fil $127 $5,080 24 Initial consultation to determine new program requirements, per hour 40 Follow-up consultation to confirm proposed program specification, per hour 24 System wide testing on new program, per hour $127 $3,048 - $127 $4,064 32 Training on new computer software, per hour Cha Inc are Receipt 5880 SI Phantom Consulting Inc. Date: April 10, 2014 13393 56 Street Vancouver, British Columbia Receipt No.: 5880 A1Q 9R6 Customer: BetaCo 1980 Sesame Road Vancouver, British Columbia U8F 8G2 Rep: Sandra Castell Invoice No.: Verbal Unit Price Total Qty Description 4 Instructional seminar, per hour $76 $304 --F Total: $304 Paid: $304 Balance Due: $0 ABI only. Note that some source documents may not require an entry. Also, all ntering the transactions in the journal. Dates must be entered in the format Page Gj2 F Debit Credit X Receipt 8730 bor los Harold's Fix-It Date: April 19, 2014 12426 61 Avenue Receipt No.: 8730 Vancouver, British Columbia U7P 602 tions Customer: Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A1Q 9R6 Rep: Carlos Young Up Unit Price Total Qty Description 1 Repairs to building $900 $900 -F Total: $900 Paid: $900 Balance Due: $0 TES tior The Grayson Group Bill X ord The Grayson Group Customer Name: Phantom Consulting in 7574 Franklin Place Account No.: 6237283 Vancouver, British Columbia Service Period: 01/Apr - 22/Apr B8M 5X8 Invoice Date: April 22, 2014 Previous Charges Previous balance forward $750 Payment on March 31 $-750 Total previous charges $0 up Current Charges TV advertising campaign Radio advertising campaign Print advertising campaign Total current charges $650 $150 $100 $900 Amount Due: $900 BI Receipt from George's Diner X George's Diner 10188 52 Street Vancouver, British Columbia 798-2259 Check #: 165190 Server: Susan Table: 32 Date: April 23, 2014 Time: 12:57 3 Coffee 3 Draft, Domestic 1 Draft, Import 1 Pop 3 Caesar salad with chicken 2 Club sandwich 1 Steak sandwich 9.00 12.00 6.00 3.00 27.00 18.00 13.00 Total: $88.00 Cash Received: $88.00 Thank you for dining with us! X Invoice 5376 ord OS Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A1Q 9R6 Date: April 25, 2014 Invoice No.: 5376 tio Customer: Southco 11377 Sesame Road Vancouver, British Columbia M4M 6C3 Rep: Judith Grimm PO No.: Verbal up Qty Description Total Unit Price $127 | $7,112 y-Fi 56 Follow-up consultation to confirm proposed program specification, per hour Sub- Total: $7,112 Or AB Freight: 0 Total: $7,112 tion Vancouver Hydro Bill Dr Osi Vancouver Hydro Customer Name: Phantom Consulting In 1755 22 Avenue Account No.: 2654500 Vancouver, British Columbia Service Period: 01/Apr - 25/Apr Y5J 8L3 Invoice Date: April 25, 2014 Previous Charges Previous balance forward $900 Payment on March 31 $-900 Total previous charges $0 UO -Fi Current Charges Water and sewage Natural Gas Electricity Total current charges $500 $100 $200 $800 Amount Due: $800 TABI X Inter-Office Memo 3 Date: April 25, 2014 From: Carlos Young To: Office Assistant Subject: Cash Disbursement Please prepare a cheque for salaries owed to employees for the period April 1 to April 25. Thanks, Carlos Young AB Purchase Order 4907 Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A1Q 9R6 Date: April 26, 2014 PO No.: 4907 Vendor: North Co 7225 51 Street Vancouver, British Columbia W5P 3Y7 Ship To: Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A1Q 9R6 Item Ordered No. Description Total Unit Price JR49 72 Product training to begin on May 1, 2014, per hour $76 $5,472 Sub- Total: $5,472 Shipping: 0 Total: $5,472 Only. Note that some source documento Receipt 5881 X Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia A1Q 9R6 Date: April 28, 2014 Receipt No.: 5881 Customer: SouthCo 11377 Sesame Road Vancouver, British Columbia M4M 6C3 Rep: Judith Grimm Qty Unit Price Total Description Balance forward $0 -F 1 Invoice #5376 (on April 25, 2014) $7,112 $7,112 Total: $7,112 Paid: $7,112 Balance Due: $0 AB only. Note that some source don X Customer Statement for ABC Co Phantom Consulting Inc. 13393 56 Street Vancouver, British Columbia Date: April 30, 2014 A1Q 9R6 Customer: ABC Co 583 55 Street Vancouver, British Columbia S9Y 8X9 Amount Balance Date Description April 1 Balance forward -FApril 10 Invoice #5375 $0 $ 15,240 $15,240 Amount Due: $15,240 TABI Inter-Office Memo 4 Date: April 30, 2014 From: Carlos Young To: Office Assistant Subject: Cash Disbursement Please prepare a cheque to pay the Vancouver Hydro bill received on April 25. Thanks, Carlos Young BB