Question 2-64
Start from the trial balance and the posted T-accounts that Haupt Consulting prepared at December 18, as follows
HAUPT CONSULTING
Trial Balance
December 18, 2010
|
Balance |
| Account Tide |
Debit |
Credit |
| Cash |
$7,700 |
|
| Accounts receivable |
1,500 |
|
| Supplies |
100 |
|
| Equipment |
2,000 |
|
| Accumulated depreciation-equipment |
|
$33
|
| Furniture |
3,600 |
|
| Accumulated depreciation-furniture |
|
60
|
| Accounts payable |
|
3,600 |
| Salary payable |
|
700
|
| Unearned service revenue |
|
600
|
| Carl Haupt, Capital |
|
10,000 |
| Carl Haupt, Withdrawals |
1600
|
|
| Service revenue |
|
3200 |
| Rent expense |
500 |
|
| Utilities expense |
200 |
|
| Salary expense |
700
|
|
| Depreciation expense-equipment |
33
|
|
| Depreciation expense-furniture |
60
|
|
| Supplies expense |
200
|
|
| Total |
$18,193 |
$18,193 |
Start from the posted T-accounts and the adjusted trial balance that Haupt Consulting prepared for the company at December 31:
Later in December, the business completed these transactions, as follows:
Dec 21 Received $900 in advance for client service to be performed evenly over the next 30 days.
21 Hired a secretary to be paid $1,500 on the 20th day of each month. The secretary begins work immediately.
26 Paid $300 on account.
Requirements
1. Complete the accounting work sheet at December 31.
2. Journalize and post the closing entries at December 31. Denote each closing amount as C/o and an account balance as Bal.
3. Prepare a classified balance sheet at December 31.