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.

By Wednesday, April 30, 2014 deliver your assignment to the M2: Assignment 3 Dropbox.

P3-43

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 20^th day of Each month, begins immediately

Dec26  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 December 21-30

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

4. Prepare a trail 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 adjustment entries

   1. Accrued service revenue, $400

   2. Earned $300 of the service revenue collected in advance on Dec 21

   3. Supplies on hand $100

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

   5. 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.

6. Journalize and post the adjusting 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 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

 

 

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 and account balance as Bal.

3. Prepare a classified balance sheet at December 31.

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