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Prepare the appropriate adjusting entries on June 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 walances will be available in the solution to Part 4 Page GJS Account Explanation F Debit General Journal Date Credit - - + + b) What is the next step in the accounting cycle? Prepare a post-closing trial balance Prepare an unadjusted trial balance O Prepare financial statements Prepare an adjusted trial balance Analyze and journalize transactions Prepare closing entries Post transactions Apex Consulting Corp. Unadjusted Trial Balance June 30, 2014 Cash Accounts receivable Prepaid insurance Equipment Building Accumulated depreciation, building. Accounts payable Unearned consulting revenue Share capital Dividends Retained earnings Consulting revenue earned Salaries expense Advertising expense Food and drinks expense Repair expense Utilities expense Totals Debit Credit 215,262 110,908 2,400 22,800 73,500 3,000 87 300 6,000 233,000 10,920 93,000 31,233 16.200 500 43 500 500 453,533 453,533 Page 2 F Debit Credit 225 225 13,200 13,200 General Journal Date Account Explanation 4/Jun Cash Consulting Revenue Eamed Earned and received consulting revenue 15/Jun Accounts Receivable Consulting Revenue Earned Eamed consulting revenue 22/Jun Utilities Expense Accounts Payable Received bill for utilities expense 22/Jun Accounts Receivable Consulting Revenue Earned Earned consulting revenue 25/Jun Salaries Expense Cash Paid cash for salaries General Joumal Page 1 Date Account/Explanation F Debit Credit 11/Jun Cash 50,000 Share Capital 50,000 Issued shares 1/Jun Prepaid Insurance 2,400 Cash 2,400 Prepaid for insurance 21 Jun Cash 5,000 Uneamed Consulting Revenue 6,000 Received payment for consulting in advance 21 Jun Food and Drinks Expense 43 Cash 43 Paid for dinner with client 4/Jun Equipment 22 800 Accounts Payable 22,800 Received equipment 500 500 7208 7.208 16.200 16 200 Page 13 F Debit Credit 500 500 General Journal Date Account/Explanation 30/Jun Dividends Cash Dividends Page 4 F Debit Credit 10,920 10,920 10,600 10.600 General Journal Date Account/Explanation 25/3un Advertising Expense Accounts Payable Received bill for advertising expense 27/Jun Accounts Receivable Consulting Revenue Earned Earned consulting revenue 29/Jun Cash Accounts Receivable Received customer payment 29/Jun Repair Expense Cash Pald for repairs to building 30 Jun Accounts Payable Cash Paid bil for utilities expense 10 600 10.600 500 500 500 500 General Journal Page GJS Date Account Explanation F Debit Credit 30/Jun Consulting Revenue Earned Unearned Consulting Revenue entry 30/Jun Insurance Expense Prepaid Insurance entry 30/Jun Depreciation Expense, Building Accumulated Depreciation, Building entry 30/Jun Supplies Expense Supplies entry 30/Jun Salaries Expense Salaries Payable entry Note that any incorrect entries are highlighted red, but there may also b F Debit Cash Date Explanation 31/May Opening balance 1/Jun Issued shares 17 Jun Prepaid for insurance 2/Jun Received payment for consulting in advance 2/Jun Paid for dinner with client 4/Jun Eamed and received consulting revenue 25/Jun Paid cash for salaries 29/Jun Received customer payment 29/Jun Paid for repairs to building 30/Jun Paid bill for utilities expense 30/Jun Dividends GJ1 50,000 GJ1 GJ1 6,000 GJ1 GJ2 225 GJ2 GJ3 10,600 GJ3 GJ3 GJ4 Account No 101 Credit Balance 179,000 229,000 2,400 226,600 232,600 43 232,557 232,782 16,200 216,582 227,182 500 226,682 500 226,182 10.920 215,262 F Debit Accounts Receivable Date Explanation 31/May Opening balance 15/Jun Earned consulting revenue 22/Jun Earned consulting revenue 27/Jun Eamed consulting revenue 29/Jun Received customer payment GJ2 GJ2 GJ3 GJ3 13,200 7,208 10.600 Account No. 106 Credit Balance 90,500 103,700 110,908 121,508 10.600 110.908 Date 1/ Jun Prepaid Insurance Explanation F GJ1 Prepaid for insurance Account No 128 Credit Balance 2.400 Debit 2,400 Date 4/Jun Equipment Explanation Received equipment F GJ1 Debit 22,800 Account No 167 Credit Balance 22 800 Building Explanation Date 31/May Opening balance Debit Account No. 173 Credit Balance 73,500 Accumulated Depreciation Building Date Explanation 31/May Opening balance F Debit Account No. 174 Credit Balance 3,000 F Debit Accounts Payable Dale Explanation 31/May Opening balance 4/Jun Received equipment 22/Jun Received bill for utilities expense 25/Jun Received bill for advertising expense 30/Jun Paid bill for utilities expense GJ1 GJ2 Account No. 201 Credit Balance 64,000 22 800 86,800 500 87 300 500 87 800 87 300 GJ3 GJ3 500 Date 2/Jun Unearned Consulting Revenue Explanation Received payment for consulting in advance Debit F GJ1 Account No 230 Credit Balance 6,000 6,000 Share Capital Explanation F Debit Date 31/May Opening balance 1/Jun Issued shares Account No. 301 Credit Balance 183,000 50,000 233.000 GJ1 Date 30/Jun Dividends Explanation F GJ4 Dividends Account No 302 Credit Balance 10 920 Debit 10.920 Retained Earnings Explanation F Debil Dale 31/May Opening balance Account No. 318 Credit Balance 93,000 Debit Consulting Revenue Eamed Date Explanation 4/Jun Eamed and received consulting revenue 15/Jun Earned consulting revenue 22/Jun Earned consulting revenue 27/Jun Earned consulting revenue F GJ2 GJ2 GJ2 GJ3 Account No. 403 Credit Balance 225 225 13,200 13,425 7,208 20,633 10,600 31,233 Salaries Expense Explanation Date 25/Jun F GJ2 Account No. 622 Credit Balance 16,200 Debit 16,200 Paid cash for salaries Debil 500 Account No. 655 Credit Balance 500 GJ3 Advertising Expense Date Explanation 25/Jun Received bill for advertising expense Food and Drinks Expense Date Explanation 21 Jun Paid for dinner with client Debit 43 Account No 668 Credit Balance 43 GJ1 Repair Expense Explanation Date 29/Jun Paid for repairs to building F GJ3 Debit 500 Account No. 684 Credit Balance 500 Date 22/Jun Utilities Expense Explanation Received bill for utilities expense F GJ2 Debit 500 Account No 690 Credit Balance 500 Prepare the appropriate adjusting entries on June 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 walances will be available in the solution to Part 4 Page GJS Account Explanation F Debit General Journal Date Credit - - + + b) What is the next step in the accounting cycle? Prepare a post-closing trial balance Prepare an unadjusted trial balance O Prepare financial statements Prepare an adjusted trial balance Analyze and journalize transactions Prepare closing entries Post transactions Apex Consulting Corp. Unadjusted Trial Balance June 30, 2014 Cash Accounts receivable Prepaid insurance Equipment Building Accumulated depreciation, building. Accounts payable Unearned consulting revenue Share capital Dividends Retained earnings Consulting revenue earned Salaries expense Advertising expense Food and drinks expense Repair expense Utilities expense Totals Debit Credit 215,262 110,908 2,400 22,800 73,500 3,000 87 300 6,000 233,000 10,920 93,000 31,233 16.200 500 43 500 500 453,533 453,533 Page 2 F Debit Credit 225 225 13,200 13,200 General Journal Date Account Explanation 4/Jun Cash Consulting Revenue Eamed Earned and received consulting revenue 15/Jun Accounts Receivable Consulting Revenue Earned Eamed consulting revenue 22/Jun Utilities Expense Accounts Payable Received bill for utilities expense 22/Jun Accounts Receivable Consulting Revenue Earned Earned consulting revenue 25/Jun Salaries Expense Cash Paid cash for salaries General Joumal Page 1 Date Account/Explanation F Debit Credit 11/Jun Cash 50,000 Share Capital 50,000 Issued shares 1/Jun Prepaid Insurance 2,400 Cash 2,400 Prepaid for insurance 21 Jun Cash 5,000 Uneamed Consulting Revenue 6,000 Received payment for consulting in advance 21 Jun Food and Drinks Expense 43 Cash 43 Paid for dinner with client 4/Jun Equipment 22 800 Accounts Payable 22,800 Received equipment 500 500 7208 7.208 16.200 16 200 Page 13 F Debit Credit 500 500 General Journal Date Account/Explanation 30/Jun Dividends Cash Dividends Page 4 F Debit Credit 10,920 10,920 10,600 10.600 General Journal Date Account/Explanation 25/3un Advertising Expense Accounts Payable Received bill for advertising expense 27/Jun Accounts Receivable Consulting Revenue Earned Earned consulting revenue 29/Jun Cash Accounts Receivable Received customer payment 29/Jun Repair Expense Cash Pald for repairs to building 30 Jun Accounts Payable Cash Paid bil for utilities expense 10 600 10.600 500 500 500 500 General Journal Page GJS Date Account Explanation F Debit Credit 30/Jun Consulting Revenue Earned Unearned Consulting Revenue entry 30/Jun Insurance Expense Prepaid Insurance entry 30/Jun Depreciation Expense, Building Accumulated Depreciation, Building entry 30/Jun Supplies Expense Supplies entry 30/Jun Salaries Expense Salaries Payable entry Note that any incorrect entries are highlighted red, but there may also b F Debit Cash Date Explanation 31/May Opening balance 1/Jun Issued shares 17 Jun Prepaid for insurance 2/Jun Received payment for consulting in advance 2/Jun Paid for dinner with client 4/Jun Eamed and received consulting revenue 25/Jun Paid cash for salaries 29/Jun Received customer payment 29/Jun Paid for repairs to building 30/Jun Paid bill for utilities expense 30/Jun Dividends GJ1 50,000 GJ1 GJ1 6,000 GJ1 GJ2 225 GJ2 GJ3 10,600 GJ3 GJ3 GJ4 Account No 101 Credit Balance 179,000 229,000 2,400 226,600 232,600 43 232,557 232,782 16,200 216,582 227,182 500 226,682 500 226,182 10.920 215,262 F Debit Accounts Receivable Date Explanation 31/May Opening balance 15/Jun Earned consulting revenue 22/Jun Earned consulting revenue 27/Jun Eamed consulting revenue 29/Jun Received customer payment GJ2 GJ2 GJ3 GJ3 13,200 7,208 10.600 Account No. 106 Credit Balance 90,500 103,700 110,908 121,508 10.600 110.908 Date 1/ Jun Prepaid Insurance Explanation F GJ1 Prepaid for insurance Account No 128 Credit Balance 2.400 Debit 2,400 Date 4/Jun Equipment Explanation Received equipment F GJ1 Debit 22,800 Account No 167 Credit Balance 22 800 Building Explanation Date 31/May Opening balance Debit Account No. 173 Credit Balance 73,500 Accumulated Depreciation Building Date Explanation 31/May Opening balance F Debit Account No. 174 Credit Balance 3,000 F Debit Accounts Payable Dale Explanation 31/May Opening balance 4/Jun Received equipment 22/Jun Received bill for utilities expense 25/Jun Received bill for advertising expense 30/Jun Paid bill for utilities expense GJ1 GJ2 Account No. 201 Credit Balance 64,000 22 800 86,800 500 87 300 500 87 800 87 300 GJ3 GJ3 500 Date 2/Jun Unearned Consulting Revenue Explanation Received payment for consulting in advance Debit F GJ1 Account No 230 Credit Balance 6,000 6,000 Share Capital Explanation F Debit Date 31/May Opening balance 1/Jun Issued shares Account No. 301 Credit Balance 183,000 50,000 233.000 GJ1 Date 30/Jun Dividends Explanation F GJ4 Dividends Account No 302 Credit Balance 10 920 Debit 10.920 Retained Earnings Explanation F Debil Dale 31/May Opening balance Account No. 318 Credit Balance 93,000 Debit Consulting Revenue Eamed Date Explanation 4/Jun Eamed and received consulting revenue 15/Jun Earned consulting revenue 22/Jun Earned consulting revenue 27/Jun Earned consulting revenue F GJ2 GJ2 GJ2 GJ3 Account No. 403 Credit Balance 225 225 13,200 13,425 7,208 20,633 10,600 31,233 Salaries Expense Explanation Date 25/Jun F GJ2 Account No. 622 Credit Balance 16,200 Debit 16,200 Paid cash for salaries Debil 500 Account No. 655 Credit Balance 500 GJ3 Advertising Expense Date Explanation 25/Jun Received bill for advertising expense Food and Drinks Expense Date Explanation 21 Jun Paid for dinner with client Debit 43 Account No 668 Credit Balance 43 GJ1 Repair Expense Explanation Date 29/Jun Paid for repairs to building F GJ3 Debit 500 Account No. 684 Credit Balance 500 Date 22/Jun Utilities Expense Explanation Received bill for utilities expense F GJ2 Debit 500 Account No 690 Credit Balance 500