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

Acc205 Principles of Accounting
Chapter 4 Draper Consulting Continuing Problem
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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