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HAUPT CONSULTING_Financial Statements




Question;Haupt Consulting;Adjusted Trial Balance;December 18, 2010;Balance;Account Title;Debit;Credit;Cash;$8,100;Accounts Receivable;1,700;Supplies;300;Equipment;2,000;Accumulated depreciation - equipment;Furniture;3,600;Accumulated depreciation -furniture;Accounts Payable;$3,900;Salary Payable;Unearned service revenue;Carl Haupt, Capital;10,000;Carl Haupt, Withdrawals;Service Revenue;2,500;Rent expense;500;Utilities expense;200;Salary Expense;Depreciation expense -equipment;Depreciation expense -furniture;Supplies expense;Total;$16,400;$16,400;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.;Dec 21;Hired secretary to be paid $1,500 on the 20th day of each;month. The secretary begins working;immediately.;Dec 26;Paid $300 on account;Dec 28: Collected $600 on account;Dec 30;Owner withdrew $1,600;Requirements;1. Open these additional;T-accounts: Accumulated;depreciation-equipment, Accumulated depreciation-furniture, Salary payable;Unearned service revenue, Depreciation expense-equipment, Depreciation;expense-furniture, Supplies expense.;2. Journalize the transactions of Dec 21-30.;3. Post to the T-accounts, keying all items by date;4. Prepare a trial balance at December 31. Also set up columns for the adjustments and;for the adjusted trial balance.;5. At December 31, the business gathers the following information for;the adjusting entries;a. Accrued service revenue;$4,00;b. Earned $300 of the service revenue collected in advance on December;21;c. Supplies on hand, $100;d. Depreciation expense-equipment, $33, furniture, $60;e. Accrued $700 expense for secretary?s salary;On your work sheet make these adjustments;directly in the adjustments columns, and complete the adjusted trial balance at;December 31. Throughout the book, to;avoid rounding errors, we base adjusting entries on 30-day months and 360-day;years.;6. Journalize and post the adjusted entries. In the T-accounts denote each adjusting;amount as Adjand an account balance;as Bal.;7. Prepare the income statement and the statement of owner?s equity of;Haupt Consulting for the month ended December 31, 2010, and prepare the balance;sheet at that date.;This problem continues the Haupt Consulting situation from Problem;3-43. 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 18, 2010;31, 2010;Balance;Account Title;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;1,600;Service Revenue;3,200;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;Requirements;Complete the accounting work sheet at;December 31.;Journalize;and post the closing entries at December 31. Denote each closing amount as Clo and an account balance as Bal.;Prepare a;classified balance sheet at December 31.


Paper#37406 | Written in 18-Jul-2015

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