Inter-Trode Corp. is a small computer consulting business. The company is organized as a corporation and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Inter-Trode Corp. is a small computer consulting business. The company is organized as a corporation and provides consulting services, computer system installations, and custom program development. Inter-Trode Corp. showed the following alphabetized post- closing trial balance at June 30, 2014. Account Accounts payable... Accounts receivable Accumulated depreciation, building.. Building.. Cash Retained earnings, Share capital Note: Balance 40,500 93,000 4,500 32,500 189,500 97,500 172,500 00000 • There were 14,000 shares issued and outstanding on June 30, 2014. • Depreciation on the building is $1,600 per month. • Inter-Trode Corp.'s salaries expense is a total of $700 per day for each work day (Monday-Friday) in the month (for simplicity, please ignore all statutory holidays). The following source documents are from July Deposit slip (July 1) Invoice 4660 Inter-Office Memo 1 Purchase Order 3737 Receipt 6344 Receipt from Kevin's Diner | Purchase Order 8354 [] Inter-Office Memo 2 Invoice 6869 Invoice 6870 Receipt from Travis' Diner Receipt 6415 Invoice 6868 Schafer Advertising Bill Inter-Office Memo 3 L Receipt 6346 Receipt 6345 Customer Statement for Decker Co Inter-Office Memo 4 Inter-Office 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). Date + - +- +- +- Date +- +- +- +- +- General Journal Account/Explanation General Journal Account/Explanation Page GJ1 F Debit Credit Page GJ3 F Debit Credit Date +- +3 Date +- +- + - General Journal Account/Explanation General Journal Account/Explanation F Debit Page GJ2 Credit Page GJ4 F Debit Credit b) What is the next step in the accounting cycle? O Post transactions O Prepare adjusting entries O Prepare closing entries O Prepare financial statements O This is the last step O Prepare an unadjusted trial balance O Prepare an adjusted trial balance. O Prepare a post-closing trial balance Inter-Trode Corp. is a small computer consulting business. The company is organized as a corporation and provides consulting services, computer system installations, and custom program development. Inter-Trode Corp. showed the following alphabetized post- closing trial balance at June 30, 2014. Account Accounts payable... Accounts receivable Accumulated depreciation, building.. Building.. Cash Retained earnings, Share capital Note: Balance 40,500 93,000 4,500 32,500 189,500 97,500 172,500 00000 • There were 14,000 shares issued and outstanding on June 30, 2014. • Depreciation on the building is $1,600 per month. • Inter-Trode Corp.'s salaries expense is a total of $700 per day for each work day (Monday-Friday) in the month (for simplicity, please ignore all statutory holidays). The following source documents are from July Deposit slip (July 1) Invoice 4660 Inter-Office Memo 1 Purchase Order 3737 Receipt 6344 Receipt from Kevin's Diner | Purchase Order 8354 [] Inter-Office Memo 2 Invoice 6869 Invoice 6870 Receipt from Travis' Diner Receipt 6415 Invoice 6868 Schafer Advertising Bill Inter-Office Memo 3 L Receipt 6346 Receipt 6345 Customer Statement for Decker Co Inter-Office Memo 4 Inter-Office 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). Date + - +- +- +- Date +- +- +- +- +- General Journal Account/Explanation General Journal Account/Explanation Page GJ1 F Debit Credit Page GJ3 F Debit Credit Date +- +3 Date +- +- + - General Journal Account/Explanation General Journal Account/Explanation F Debit Page GJ2 Credit Page GJ4 F Debit Credit b) What is the next step in the accounting cycle? O Post transactions O Prepare adjusting entries O Prepare closing entries O Prepare financial statements O This is the last step O Prepare an unadjusted trial balance O Prepare an adjusted trial balance. O Prepare a post-closing trial balance
Expert Answer:
Answer rating: 100% (QA)
BC E G Increase in assets are debited while the incre... View the full answer
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
Posted Date:
Students also viewed these accounting questions
-
Prepare journal entries using general ledger control accounts only Anticipated expenditures and encumbrances are 112 million Anticipated revenues are 87 million Anticipated transfers to other funds...
-
Using Financial Reports: Inferring Adjusting and Closing Entries and Answering Analytical Questions Waddell Company was organized on January 1, 2011. At the end of the first year of operations,...
-
Accounting information provides useful data about business transactions and events. The people who provide and use financial reports must often select and evaluate accounting alternatives. The...
-
Write a program that takes an integer command-line argument n and prints all the positive powers of 2 less than or equal to n. Make sure that your program works properly for all values of n.
-
Why should an organization care whether its members eat well or exercise regularly?
-
A company makes a payment of $1,200 each month into a sinking fund that earns 6% compounded monthly. Use graphical approximation techniques on a graphing calculator to determine when the fund will be...
-
Claim: p + 0.24; a = 0.02. Sample statistics: p = 0.32, n = 50
-
Waymon Co. has net sales of $100,000, cost of goods sold of $70,000, and operating expenses of $18,000. What is its gross profit?
-
Entry for Cash Sales; Cash ShortThe actual cash received from cash sales was $ 4 3 , 8 5 7 and the amount indicated by the cash register total was $ 4 3 , 8 8 0 . Journalize the entry to record the...
-
Kenmare Architects Ltd. (KAL) was incorporated and commenced operations on January 1, 2014. Sheila Kenmare, the company's only employee, consults with various clients and uses expensive equipment to...
-
Waterways Tours uses the units - of - activity method in depreciating its tour boats. One boat was purchased on January 1 , 2 0 0 6 , at a cost of $ 1 4 8 , 0 0 0 . Over its four - year useful life,...
-
Explain the principles of database normalization and denormalization, delineating their respective roles in optimizing data storage efficiency, query performance, and data integrity in relational...
-
Asymptotic Computational Complexity O(): Calculate the time complexity of each function below and explain your reasoning. Write your answers on paper and submit a scanned copy. (5 pts each) def...
-
Happy Valley Software has developed a new meteorology software package that will likely revolutionize the weather forecasting industry. They are looking to market the software to the following three...
-
Please read the essay Nasty Women Have Much Work To Do from Alexandra Petri on pages 45-47. In your discussion post, please share your thoughts on what specific strategies she uses to create tone and...
-
We live in an increasingly hyper-competitive global marketplace, where firms are fighting to stay lean and flexible in an effort to satisfy increasingly diverse and specialized consumer demand. In...
-
10. (20 pts) You have been tasked with determining the minimum duration and least cost for a design-build project (no need to consider liquidated damages). You have been given the following project...
-
Select the correct answer for each of the following questions. 1. On December 31, 20X3, Saxe Corporation was merged into Poe Corporation. In the business combination, Poe issued 200,000 shares of its...
-
Impact of Transactions Involving Cash, Securities, and Receivables on Statement of Cash Flows From the following list, identify each item as operating (O), investing (I), financing (F), or not...
-
Why are common shareholders sometimes called residual owners when a company has both common and preferred stock outstanding?
-
Oak and Maple both provide computer consulting services to their clients. The following are the current assets for each company at the end of the year. (All amounts are in millions of dollars.)...
-
What are the three ways that ratios can be expressed? AppendixLO1
-
What is the purpose of profitability ratios? Explain earnings per share and the price-earnings ratio. AppendixLO1
-
What does a statement of stockholders' equity show? AppendixLO1
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App