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Haupt Consulting
Adjusted Trial Balance
December 18, 2010
							Balance
Account Title					Debit		Credit
Cash						$8,100
Accounts Receivable					1,700
Supplies						300
Equipment					2,000
Accumulated depreciation - equipment
Furniture						3,600
Accumulated depreciation -furniture
Accounts Payable							$3,900
Salary Payable
Unearned service revenue
Carl Haupt, Capital							10,000
Carl Haupt, Withdrawals
Service Revenue							2,500
Rent expense					500
Utilities expense					200
Salary Expense
Depreciation expense -equipment
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.

Dec 21: Hired secretary to be paid $1,500 on the 20th day of each month. The secretary begins working immediately.

Dec 26: Paid $300 on account

Dec 28: Collected $600 on account

Dec 30: Owner withdrew $1,600

Requirements

1. Open these additional T-accounts: Accumulated depreciation-equipment; Accumulated depreciation-furniture; Salary payable; Unearned service revenue; Depreciation expense-equipment; Depreciation expense-furniture; Supplies expense.

2. Journalize the transactions of Dec 21-30.

3. Post to the T-accounts, keying all items by date

4. Prepare a trial balance at December 31. Also set up columns for the adjustments and for the adjusted trial balance.

5. At December 31, the business gathers the following information for the adjusting entries:

a. Accrued service revenue, $4,00

b. Earned $300 of the service revenue collected in advance on December 21

c. Supplies on hand, $100

d. Depreciation expense-equipment, $33; furniture, $60

e. Accrued $700 expense for secretary’s salary

On your work sheet make these adjustments directly in the adjustments columns, and complete the adjusted trial balance at December 31. Throughout the book, to avoid rounding errors, we base adjusting entries on 30-day months and 360-day years.

6. Journalize and post the adjusted entries. In the T-accounts denote each adjusting amount as Adj and an account balance as Bal.

7. Prepare the income statement and the statement of owner’s equity of Haupt Consulting for the month ended December 31, 2010, and prepare the balance sheet at that date.

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, 2010	31, 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

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 Clo and an account balance as Bal.

3. Prepare a classified balance sheet at December 31.