ACC250 Module 4 Template

Start from the posted T-accounts and the adjusted trial balance that Draper
Consulting prepared for the company at December 31:

1. Complete the accounting worksheet at December 31.
2. Journalize and post the closing entries at December 31. Denote each closing
amount as Clo and an account balance as Bal.
3. Prepare a classified balance sheet at December 31.

Chapter 4
,i:'

MYACCOUnlinglal1il'

This problem continues the Draper Consulting situation from Problem 3-49 of Chapter 3.
P4-37

Start from the posted T-accounts and the adjusted
Consulting prepared for the company at December 31:

trial balance that Draper

ccount Title
Cash
ACCounts receivable
Supplies
Equipment
Accumulated depreciation-equipment
FurnitLi1.il'

$

30
!

,

4,200

j

70

Accumulated depreciation-furniture

~

4,650

Accounts payable

685

Salary paya~le

700

Unearned service revenue

18,000

Draper, capital
1,400

Draper, drawing

3,850

Service revenue
Rent expense

.

Utilities expense
Salary ekp";nse

550
250
685

Depreciation expense-equipment

30

h

..::.
-:;:[

'.

~

70

Depreciation expense-furniture

700
$27,985

$27,985

Requirements
1. Complete the accounting worksheet at December 31.
2, Journalize and post the closing entries at December 31 .. Denote each closing
amount as Clo and ~n account balance as Bal.
3. Prepare a classified balance sheet at December 31.

• Practice Set
Refer to the Practice Set data provided in Chapters 1,2, and 3.
Requirements
1. Prepare an accounting worksheet.
f

2.
3.
4.

Prepare an income statement, statement of owner's equity, and balance sheet
using the report format.
Prepare closing entries for the month.
Prepare a post-closing trial balance.

1
Accounting: The Financial Chapters. Ninth Edition, by Charles T. Horngren, Walter T. Harrison Jr., arid M. Suzanne Oliver. Published by Prentice Hall.
Copyright © 2012 by Pearson Education, Inc.