Inter-Trode Corp. is a small computer consulting business. The company is organized as a corporation and...

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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

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BC E G Increase in assets are debited while the incre... View the full answer