Start from the posted T accounts and the adjusted trial balance that Draper Consulting prepared for the company at December 31:
|
DRAPER CONSULTING, INC. Adjusted Trial Balance December 31, 2012 |
||
|
|
|
Balance |
|
Account Title |
Debit |
Credit |
|
Cash |
$16,350 |
|
|
Accounts receivable |
1,750 |
|
|
Supplies |
200 |
|
|
Equipment |
1,800 |
|
|
Accumulated depreciation—equipment |
|
$ 30 |
|
Furniture |
4,200 |
|
|
Accumulated depreciation—furniture |
|
70 |
|
Accounts payable |
|
4,650 |
|
Salary payable |
|
685 |
|
Unearned service revenue |
|
700 |
|
Common stock |
|
18,000 |
|
Retained earnings |
|
|
|
Dividends |
1,400 |
|
|
Service revenue |
|
3,850 |
|
Rent expense |
550 |
|
|
Utilities expense |
250 |
|
|
Salary expense |
685 |
|
|
Depreciation expense—equipment |
30 |
|
|
Depreciation expense—furniture |
70 |
|
|
Supplies expense |
700 |
|
|
Total |
$27,985 |
$27,985 |
Requirements
1. Complete the accounting worksheet 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.