Accounting

• P4-38 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

AdjustedTrial Balance December 31,2010

Account Title

Cash

Accouncs receivable

Supplies

Equipment

Accumulated depreciauon=-equipment

Furniture

Accumulated depreciation-furniture

Accounts payable

Salary payable

Unearned service revenue

Carl Haupt, Capital

Carl Haupt, Withdrawals

Service revenue

Rem: e..'\':pen.••e

Utilities e..-xpense

Salary e..xpense

Depreciation expense+equipment

Depreciation expense-c-furniture

Supplies e..'Xpense

Total

Balance

Debit Credit

7,700 1,500

100 2,000

33 3,600

60 3,600

700 GOO

10,000 1,600

3,200 500 200 700

33 60

200-------- ~~

Requirements 1. Complete the accounting work sheet at Decemher 31. 2. Journalize and post the closing entries at Decemher 31. Denote each closing

amount as Cia and an account balance as Bal. 3. Prepare a classified balance sheet at December 31.

• Refer ro the Practice Set data provided in Chapters 1, 2, and 3.

Requirements 1. Prepare an accounting work sheer. 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.

252 Chapter 4