Acc205 Principles of Accounting: P4-37 Draper Consulting Continuing Problem

Acc205 Principles of Accounting

The problem continues the Draper Consulting situation from Problem 3-49 of Chapter 3.

P4-37

Start from the posted T-accounts and the adjusted trial balance that Draper Consulting prepared for the company at December 31

DRAPER CONSULTING

Adjusted Trial Balance

December 31, 2012

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

Draper, capital 18,000

Draper, drawing 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.
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