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P3-43 and P4-38 (Haupt Consulting) – The problem continues the Haupt Consulting situation

Posted on September 19, 2014 by winged_envoy

Assignment 3: Excel Problems

At the end of each module, you will apply the module’s concepts by completing comprehensive assignments from the textbook.

Complete problems P3-43 (p. 185) and P4-38 (p. 252) in your text book.

The problem continues the Haupt Consulting situation from problem 2-64 of chapter 2. Start from the trial blance and the posted T accounts that Haupt Consulting prepared December 18 as follows:

HAUPT CONSULTING

TRIAL BALANCE

DECEMBER 18, 2010

BALANCE

ACCOUNTS TITLE DEBIT CREDIT

CASH 8100

ACCOUNTS RECEIVABLE 1700

SUPPLIES 300

EQUIPMENT 2400

ACCUMULATED DEPRECIATION-EQUIPMENT

FURNITURE 3600

ACCUMULATED DEPRECIATION- FURNITURE

ACCOUNTS PAYABLE 3900

SALARY PAYABLE

UNEARNED SERVICE REVENUE

CARL HAUPT, CAPITAL 10000

CARL HAUPT, WITHDRAWALS

SERVICE REVENUE 2500

RENT EXPENSE 500

UTILITIES EXPENSE 200

SALARY EXPENSE

DEPRECIATION EXPENSE-EQUIPMENT

DEPRECIATION EXPENSE-FURNITURE

SUPPLIES EXPENSE

TOTAL 16400 16400

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 $1500 on the 20^th day of each month. The secretary begins work immediately.

26 Paid $300 on account

28 Collected $600 on account

30 Owner withdrew $1600

P4-38 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, 201031, 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

Required:

1. Complete the accounting work sheet 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.

Assignment 3: Excel Problems

At the end of each module, you will apply the module’s concepts by completing comprehensive assignments from the textbook.

Complete problems P3-43 (p. 185) and P4-38 (p. 252) in your text book.

Present your analysis of the assigned problems in Excel format. Enter non-numerical responses in the same worksheet using textboxes.

By Wednesday, July 1, 2015 deliver your assignment to the M2: Assignment 3 Dropbox.

Create the file with the following name: LastnameFirstInitial_M2A3.Excel.xls.

Assignment 3 Grading Criteria	Maximum Points
P3-43:
Open addition T accounts	3
Journalize transactions December 21-30	4
Post to T-accounts	2
Prepare trial balance	5
Adjusting entries made in adjustments column	3
Journalize and post adjusting entries and denoted adjusting amounts	4
Prepare income statement and retained earnings	5
P4-38:
Complete accounting worksheet at 12/31	6
Journalize and post closing entries at 12/31	6
Prepare classified balance sheet	7
Accuracy and timeliness	5
Total: