At the end of each module, you will apply the module’s concepts by completing comprehensive assignments from the textbook.

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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.




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






  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.








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








  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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