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b) Prepare a statement of changes in equity for the month ended June 30, 2014 (select one) Statement of Changes in Equity (select one) Share Retained Total Capital earnings Equity c) Prepare a classified balance sheet at June 30, 2014 (select one) Balance Sheet (select one) X X X X X Apex Consulting Corp Adjusted Thal Balance lune 30, 2014 Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation, equipment Building Accumulated depreciation, building. Accounts payable Salaries payable Unearned consulting revenue Share capital Dividends Retained earnings Consulting revenue earned Depreciation expense, building. Depreciation expense, equipment Salaries expense. Insurance expense Advertising expense Food and drinks expense Repair expense Utilities expense Totals Debit Credit 215,262 110,908 2,200 22,800 180 73,500 3 750 87 300 2,700 4.800 233.000 10,920 93.000 32.433 750 180 18,900 200 500 43 500 500 457,163 457 163 Page GJS Credit 750 180 General Journal Date Account Explanation F Debit 30/Jun Depreciation Expense, Building 607 750 Accumulated Depreciation, Building 174 To record depreciation expense for June for the building 30/Jun Depreciation Expense, Equipment 614 180 Accumulated Depreciation Equipment 168 To record depreciation expense for June for the equipment 30/Jun Salaries Expense 6222,700 Salaries Payable 209 To recognize accrued salaries 30/Jun Uneamed Consulting Revenue 2301,200 Consulting Revenue Eamed 403 To recognize consulting revenue earned since advance 30/Jun Insurance Expense 635 200 Prepaid Insurance 128 To adjust for the expired portion of prepaid insurance expense Apex Consulting Corp's Juno adiusting entries have ha 2.700 1,200 200 V 11 Dall 4/Jun Equipment Explanation Account No. 162 Credit Balance 22,800 Debil GJ1 22,800 Received equipment Accumulated Depreciation Equipment Explanation To record depreciation expense for June for the equipment Date 30/Jun Debit 0-0-8 Account No. 168 Credit Balance 180 180 F GJ5 F Debit Account No 173 Credit Balance 73,500 Building Date Explanation 31/May Opening balance Accumulated Depreciation Building Date Explanation 31/May Opening balance 30/Jun To record depreciation expense for June for the building F Debit Account No. 174 Credit Balance 3,000 750 3,750 GJ5 F Debit Accounts Payable Date 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 GJ3 GJA Account No. 201 Credit Balance 64,000 22,800 86.800 500 87 300 500 87,800 87 300 500 Salaries Payable Explanation To recognize accrued salaries Date 30/Jun Debit F GJ5 Account No. 209 Credit Balance 2,700 2,700 Depreciation Expe, Building Explanation To record depreciation expense for June for the building Account No. O Balance Dali 30/Jun Debit 750 GJ5 750 Dale 30/Jun Depreciation Expense. Equipment Explanation To record depreciation expense for June for the equipment Debit 180 Account No 614 Credit Balance 180 IGJ5 Date 25/Jun 30/Jun Salaries Expense Explanation Paid cash for salaries To recognize accrued salaries F GJ2 GJ5 Debit 16,200 2,700 Account No. 622 Credit Balance 16,200 18,900 Date 30/Jun F GJ5 Debit 200 Account No. 635 Credit Balance 200 Date 25/Jun Insurance Expense Explanation To adjust for the expired portion of prepaid insurance expense Advertising Expense Explanation Received bill for advertising expense Food and Drinks Expense Explanation Paid for dinner with client Debit 500 Account No. 655 Credit Balance 500 GJ3 Dale 2/Jun F GJ1 Debit 43 Account No: 668 Credit Balance 43 Date 29/Jun Repair Expense Explanation F GJ3 Paid for repairs to building Account No. 684 Credit Balance 500 Debit 500 Utilities Expense Date Explanation 22/Jun Received bill for utilities expense F GJ2 Debit 500 Account No 690 Credit Balance 500 Lyse Study Part & Solution - Lyty Listing in Google Chrome lifa 1.lyryx.com/student-servlets/CaseStudyServlet?ccid=11154 a) Prepare an unadjusted trial balance at June 30, 2014. HINT: Where balance? The correct answer was 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 b) What is the next step in the accounting cycle? The correct answer is Prepare adjusting entries b) Prepare a statement of changes in equity for the month ended June 30, 2014. Apex Consulting Corp. Statement of Changes in Equity For Month Ended June 30, 2014 Share Retained Total Capital earnings Equity Balance, June 1 183,000 93,000 276,000 Net income Dividends Balance June 30 233.000 93.000 326,000 N c) Prepare a classified balance sheet at June 30, 2014 Apex Consulting Corp Balance Sheet June 30, 2014 Equity Share capital 233.000 Retained earnings 93,000 Total equity 326,000 Liabilities Accounts payable 87 300 Unearned consulting revenue 4,800 Salaries payable 2,700 Total liabilities 94.800 Assets Prepaid insurance 2,200 Dividends 10,920 Cash 215.262 Building 73,500 Fruinment 92 A Type here to search lifa 1.lyryx.com/student-servlets/Case StudyServlet?ccid=11154&lab=2004000&singleQue Tutarequity OZO, Uue Liabilities Accounts payable 87 300 Unearned consulting revenue 4,800 Salaries payable 2,700 Total liabilities 94,800 Assets Prepaid insurance 2,200 Dividends 10,920 Cash 215,262 Building 73,500 Equipment 22,800 Total assets 324,682 Total property, plant and equipment 96,118 Marking: There is at least one heading missing. There is at least one account missing Note that any incorrect entries are highlighted red, but there may also be some entrie d) What is the next step in the accounting cycle? Prepare a post-closing trial balance Prepare an unadjusted trial balance This is the last step Prepare an adjusted trial balance Analyze and journalize transactions Prepare closing entries Post transactions Prepare adjusting entries Total marks for this question: 41