Question 1: This problem continues the Haupt Consulting situation from Problem 2-64 of Chapter 2. 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
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Balance
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Account Title
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Debit
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Credit
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Cash
Accounts receivable
Supplies
Equipment
Accumulated depreciation-equipment Furniture
Accumulated depreciation-furniture Accounts payable
Salary payable
Unearned service revenue Carl Haupt, Capital
Carl Haupt, Withdrawals Service revenue
Rent expense
Utilities expense
Salary expense
Depreciation expense-equipment
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$ 8,100
1,700
300
2,000
3,600
500
200
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$ 3,900
10,000
2,500
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Depreciation expense-furniture
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Supplies expense Total
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$16,400
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$16,400
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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.
28 Collected $600 on account 30 Owner withdrew $1,600.
Question 2: This problem continues the Haupt Consulting situation from Problem 3-43 of Chapter 3. Start from the posted T-accounts and the adjusted trial balance that Haupt Consulting prepared for the company at December 31:
HAUPT CONSULTING
Adjusted Trial Balance
December 31, 2010
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Balance
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Account Title
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Debit
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Credit
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Cash
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$ 7,700
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Accounts receivable
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1,500
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Supplies
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100
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Equipment
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2,000
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Accumulated depreciation-equipment
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S 33
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Furniture
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3,600
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Accumulated depreciation-furniture
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60
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Accounts payable
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3,600
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Salary payable
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700
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Unearned service revenue
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6(10
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Carl Haupt, Capital
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10,000
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Carl Haupt, Withdrawals
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1,600
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Service revenue
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3,200
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Rent expense
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500
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Utilities expense
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200
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Salary expense
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700
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Depreciation expense-equipment
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33
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Depreciation expense--furniture
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60
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Supplies expense Total
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200
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S18,193
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S18,193
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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.
Refer to the Practice Set data provided in Chapters 1, 2, and 3.
Requirements
1. Prepare an accounting work sheet.
2. Prepare an income statement, statement of owner's equity, and balance sheet using the report format.
3. Prepare closing entries for the month.
4. Prepare a postclosing trial balance.