At the end of each module you will apply the modules concept
At the end of each module, you will apply the module’s concepts by completing comprehensive assignments from the textbook.
Complete problems P3-43 (p. 185) and P4-38 (p. 252) in your text book.
Present your analysis of the assigned problems in Excel format. Enter non-numerical responses in the same worksheet using textboxes.
Trial balance and the posted T-Accounts that Haupt Consulting prepared at December 18, as follows:
HAUPT CONSULTING
Trial Balance
December 18, 2010
ACCOUNTING TITLE BALANCE
Debit Credit
Cash $8,100
Accounts recievable 1,700
Supplies 300
Equipment 2,000
Accumulated depreciation-equipment
Furniture 3,600
Accumulated Depreciation-furniture
Accounts payable $3,000
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-equip.
Depreciation expense-furniture
Supplies expense
Total $16,400 $16,400
Later in December, the business completed these transactions, as follows:
Dec21 Received $900 in advance for client services to be performed evenly over 30 days
Dec 21 Hired a secretary to be paid $1,500 on the 20th day of Each month, begins immediately
Dec26 Paid $300 on account
Dec 28 Collected $600 on account
Dec 30 Owner withdrew $1,600
Requirements:
Open these additional T-Accounts: Accumulated Depreciation-equipment; Accumulated depreciation-furniture; Salary payable; Unearned service revenue; Depreciation expense-equipment; Depreciation expense-furniture; Supplies expense.
Journalize the transactions of December 21-30
Post to the T-accounts by keying all items by date
Prepare a trail balance at December 31. Also set up columns for the adjustments and for the adjusted trial balance
At December 31, the business gathers the following information for the adjustment entries
Accrued service revenue, $400
Earned $300 of the service revenue collected in advance on Dec 21
Supplies on hand $100
Depreciation expense-equipment, $33; furniture, $60
Accrued $700 expense for secretaries salary
On your worksheet make these adjustments directly in the adjustments columns, and complete the adjusted trial balance at December 31. Base adjusting entries on 30 day months and 360 day years.
Journalize and post the adjusting entries. In the T-accounts denote each adjusting amount as adj and an account balance as bal.
PREPARE the income statement and the statement of owner’s equity of Haupt Consulting for the month ended Dec31,2010, and prepare the balance sheet.
P4-38
This problem continues the Haupt Consulting situation from 3-43…Start from the posted T-Accounts and the adjusted trial balance that Haupt prepare for De31