Reference no: EM131324877

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.