Apex Consulting Corp. Balance Sheet November 30, 2014 Assets Current assets Cash 257,483 Accounts receivable 58,608 Prepaid rent 1,100 Total current assets. 317,191 Property, plant and equipment Computers. 24,500 Accumulated depreciation, computers... (3,550) 20,950 Machinery. 19,200 Accumulated depreciation, machinery..... (150) 19,050 Total property, plant and equipment 40,000 Total assets 357,191 Liabilities Current liabilities Accounts payable 73,000 Salaries payable 2,550 Unearned consulting revenue 14,400 Total current liabilities 89,950 Total liabilities 89,950 Equity Share capital 229,500 Retained earnings 37,741 Total equity. 267,241 Total liabilities and equity.. 357,191 Apex Consulting Corp. Statement of Changes in Equity For Month Ended November 30, 2014 Share Retained Total Equity Balance, November 1 Issuance of shares... Net income Dividends Balance, November 30 Capital Earnings 169,500 46,000 215,500 60,000 60,000 4,341 4,341 (12,600) (12,600) 229,500 37,741 267,241 Apex Consulting Corp. Income Statement For the Month Ended November 30, 2014 Revenues Consulting revenue earned. 24,752 Expenses Depreciation expense, machinery..... 150 Depreciation expense, computers 550 Salaries expense 17,000 Insurance expense 600 Rent expense 100 Advertising expense 800 Food and drinks expense 211 Repair expense 500 Utilities expense 500 Total expenses 20,411 Net income 4,341 Part 7 [15 points] a) Prepare the appropriate closing entries. HINT: Where would you go to get the information required to journalize the closing entries? NOTE: The closing entries will be automatically posted to the general ledger when you click 'submit' and the correct general ledger balances will be available in the solution to Part 7. General Journal Page GJ6 Date Account/Explanation F Debit Credit + b) What is the next step in the accounting cycle? O Prepare financial statements This is the last step Prepare a post-closing trial balance O Post transactions Prepare adjusting entries Prepare an adjusted trial balance Prepare an unadjusted trial balance O Analyze and journalize transactions