Assignment 3: Excel Problems
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.
The problem continues the Haupt Consulting situation from problem 2-64 of chapter 2. Start from the trial blance and the posted T accounts that Haupt Consulting prepared December 18 as follows:
DECEMBER 18, 2010
ACCOUNTS TITLE DEBIT CREDIT
ACCOUNTS RECEIVABLE 1700
ACCUMULATED DEPRECIATION- FURNITURE
ACCOUNTS PAYABLE 3900
UNEARNED SERVICE REVENUE
CARL HAUPT, CAPITAL 10000
CARL HAUPT, WITHDRAWALS
SERVICE REVENUE 2500
RENT EXPENSE 500
UTILITIES EXPENSE 200
TOTAL 16400 16400
Later in December, the business completed these transactions as follows:
Dec. 21 Received $900 in advance for clientr service to be performed evenly over the next 30 days
21 Hired a secretary to be paid $1500 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 $1600
P4-38 This problem continues the Haupt Consulting situation from Problem 3-43. Start from the posted T-accounts and the adjusted trial balance that Haupt Consulting prepared for the company at December 31:
Adjusted Trial Balance
December 18, 201031, 2010
Account Title Debit Credit
Accounts Receivable 1,500
Accumulated depreciation – equipment $33
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.