Accounting

• P4-38 This problem continues theHaupt Consulting situationfromProblem 3-43of Chapter 3.Start from theposted T-accounts andthe adjusted trialbalance that Haupt Consulting preparedforthe company atDecember 31:

HAUPT CONSULTING Adjusted TrialBalance December 31,2010 Account Title Cash Accouncs receivable Supplies Equipment Accumulated depreciauon=-equipment Furniture Accumulated depreciation-furniture Accounts payable Salary payable Unearned servicerevenue Carl Haupt, Capital Carl Haupt, Withdrawals Service revenue Rem: e..'\':pen .••e Utilities e..-xpense Salary e..xpense Depreciation expense+equipment Depreciation expense-c-furniture Supplies e..'Xpense Total Balance Debit Credit 7,700 1,500 100 2,000 33 3,600 60 3,600 700 GOO 10,000 1,600 3,200 500 200 700 33 60 200 -------- ~~ Requirements 1.Complete theaccounting worksheetatDecemher 31.

2. Journalize andpost theclosing entriesatDecemher 31.Denote eachclosing amount as Cia andanaccount balanceas Bal.

3. Prepare aclassified balancesheetatDecember 31.

• Referrothe Practice Setdata provided inChapters 1,2,and 3.

Requirements 1.Prepare anaccounting worksheer.

2. Prepare anincome statement, statementofowner's equity,andbalance sheet using thereport format.

3. Prepare closingentriesforthemonth.

4. Prepare apostclosing trialbalance.

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