Part 1 [70 points] Binarium Inc. is a small computer consulting business. The company is organized as a corporation and provides consulting services, computer system installations, and custom program development. Binarium Inc. showed the following alphabetized post-closing trial balance at June 30, 2014. Account Balance Accounts payable. 79,000 Accounts receivable,, 93,000 Accumulated depreciation, equipment. 3,000 Cash_. 203,500 Equipment. 47,00 Retained earnings 119,000 Share capital. 142,500 Note: . There were 2,000 shares issued and outstanding on June 30, 2014. Depreciation on the equipment is $1,100 per month. . Binarium Inc.'s salaries expense is a total of $500 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 9040 |Receipt 4348 |Receipt 6573 Purchase Order 4377 0 Inter-Office Memo 2 Invoice 9041 Customer Statement for AlfaCo Inter-Office Memo 1 | |Receipt from Sandra's Diner O Ottawa Power Bill | |Inter-Office Memo 4 Invoice 5608 Receipt 4347 Inter-Office Memo 3 0 Inter-Office Memo 5 |Receipt 4346 Receipt from Linda's Diner | |Receipt 4349 Inter-Office Memo 6 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). General Journal Page GJ1 General Journal Page GJ2 Date Account/Explanation F Debit Credit Date Account/Explanation F Debit Credit + 9 + - + 9 + 9 +- + - General Journal Page GJ3 General Journal Page GJ4 Date Account/Explanation F Debit Credit Date Account/Explanation F Debit Credit + - +- +- + - + - + -b) What is the next step in the accounting cycle? 0 Prepare closing entries 0 Prepare an adjusted trial balance 0 Post transactions 0 This is the last step 0 Prepare adjusting entries 0 Prepare a post-closing trial balance 0 Prepare an unadjusted trial balance 0 Prepare nancial statements