会计学英文实验

Business case for Manual Accounting
Haupt Consulting began its operations of consulting business on December 2010. The following transaction occurred and were completed on December.
Date Transactions
Dec 2 Received $10,000 cash from owner Carl Haupt
Dec 2 Paid monthly office rent, $500
Dec 3 Paid cash for a Dell computer, $2,000. This equipment is expected to remain in service for five years
Dec 4 Purchase office furniture on account, $3,600. The furniture should last for five years Dec 5 Purchased supplies on account, $300
Dec 9 Performed consulting service for a client on account, $1,700.
Dec 12 Paid utility expenses, $200.
Dec 18 Performed service for a client and received cash of $800.
Dec 21 Received $900 in advance for client service to be performed evenly over the next 30 days
Dec 21 Hire a secretary to be paid $ 1,500 on the 20th day of each month. The secretary begins work immediately.
Dec 26 Paid $300 on account
Dec 28 Collected $600 on account
Dec 30 Owner withdrew $1,600
Dec 31 The business gathers the following information for the adjusting entries:
a.Accrued service revenue, $400
b.Earned $300 of the service revenue collected in advance on December 21.
c.Supplies on hand, $100
d.Accrued $700 expense for secretary’s salary.
Dec 31 Depreciation enpense adjustment:
Haupt Consulting had purchased a Dell computer and office furniture on December
3 and 4, respectively. And these assets were expected to last five years. Assuming
both assets are using double-declining-balance depreciation, calculate and record the
amount of depreciation for each asset for the year ended December 31, 2010.
Haupt performs systems consulting. It has also begun selling accounting software. During January, Haupt Consulting completed the following transactions. The company uses LIFO perpetual
inventory system to determine Cost of Good Sold and the ending inventory. As for account receivables, Haupt uses the allowance method to estimate uncollectibles.
Date Transactions
Jan 1 Haupt believes the company will need $500,000 and plans to raise the capital by issuing 6%, 10 year bonds on January. The bonds pay interest semiannually on
January 1 and July 1. On January 1, the market rate of interest required by similar
bonds by investors is 8%. The first interest payment date is on July 1, 2011.
Jan 2 Completed a consulting engagement and received cash of $7,200
Jan 2 Prepaid three months office rent, $1,500
Jan 7 Purchased 100 units software inventory on account, $1,900, plus freight in, $100 Jan 16 Paid employee salary, $1,400
Jan 18 Sold 70 software units on account, $3,100
Jan 19 Consulted with a client for a fee of $900 on account
Jan 21 Paid on account, $2,000
Jan 22 Purchased 200 units software inventory on account,$4,600
Jan 24 Paid utilities, $300
Jan 28 Sold 100 units software for cash, $4,000
Jan 31 Recorded the following adjusting entries:
Accrued salary expense, $1,400
Expiration of prepaid rent, $500
Haupt uses the allowance method for receivables, estimationg uncollectibles to be
3% of credit sales.
Calculate and record Depreciation for January.
Accrued interest expense for bond
Required
1.Journalize the December transactions （Including adjusting entries）and post to the ledger .
2.Calculate the ending balance for each account, and prepare adjusted trial balance on
December 31
3.Journalize and post the closing entries on December 31.
4.Prepare the income statement for the month ended December 31, 2010, and prepare the
balance sheet at that date.
ing the same steps, accounting for transactions in January
Accounting cycle: journal---ledger---trial balance---adjusting—ledger---adjusted trial balance---closing----statement
Notes: the beginning balance for relevant account in January come from the ending balance in
December.。