This problem continues the Haupt Consulting situation from Problem 3-43. Start from the posted T-accounts

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.