Accounting – T-accounts for Haupt Consulting
Directions: Present your analysis of the assigned problems in Excel format. Enter non-numerical responses in the same worksheet using textboxes.
Start from the trial balance and the posted T-accounts that Haupt Consulting prepared at December 18, as follows;
Haupt Consulting
Trial Balance
December 18, 2010
Balance
Account Title Debit Credit
Cash $8,100
Account 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
Carl Haupt, Withdrawals
Service Revenue
Rent expense
Utilities expense
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
21 Hired a secretary to be paid $1,500 on the 20th day of each month. The secretary begins work immediately.
26 Paid $300 on account
28 Collected $600 on account.
30 Owner withdrew $1,600
This problem continues the Haupt consulting situation. Start from the posted T-accounts and the adjusted trial balance that Haupt Consulting prepared for the company at December 31:
Haupt Consulting
Adjusting Trial Balance
December 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
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.
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