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

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 December31.

Transcribed Image Text:

DRAPER CONSULTING, INC. Adjusted Trial Balance December 31, 2012 Balance Debit Account Title Credit Cash $16,350 Accounts receivable Supplies Equipment Accumulated depreciation-equipment 1,750 200 1,800 30 Fumiture 4,200 Accumulated depreciation-furniture Accounts payable Salary payable 70 4,650 685 Unearned service revenue 700 Common stock 18,000 Retained eamings Dividends 1,400 Service revenue 3,850 Rent expense Utilities expense 550 250 Salary expense Depreciation expense equipment Depreciation expense-furniture Supplies expense 685 30 70 700 Total $27,985 $27,985