Reference no: EM131321752

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

			Balance
		Account Title	Debit	Credit
		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	$ 8,100 1,700 300 2,000 3,600 500 200	$ 3,900 10,000 2,500
		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.
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

			Balance
		Account Title	Debit	Credit
		Cash	$ 7,700
		Accounts receivable	1,500
		Supplies	100
		Equipment	2,000
		Accumulated depreciation-equipment		S          33
		Furniture	3,600
		Accumulated depreciation-furniture		60
		Accounts payable		3,600
		Salary payable		700
		Unearned service revenue		6(10
		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 Total	200
			S18,193	S18,193

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.