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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.

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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


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


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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