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    Completing Accounting Cycle

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    Abu Zaki
    The document provides an adjusted trial balance for Burns Consulting for the year ended December 31, 2012 and requires preparing the necessary closing entries and a classified balance sheet as of that date using the provided accounts and balances.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Completing Accounting Cycle

    Uploaded by

    Abu Zaki
    46 views1 page
    The document provides an adjusted trial balance for Burns Consulting for the year ended December 31, 2012 and requires preparing the necessary closing entries and a classified balance sheet as of that date using the provided accounts and balances.

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    © © All Rights Reserved

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    The document provides an adjusted trial balance for Burns Consulting for the year ended December 31, 2012 and requires preparing the necessary closing entries and a classified balance sheet as of that date using the provided accounts and balances.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    46 views1 page

    Completing Accounting Cycle

    Uploaded by

    Abu Zaki
    The document provides an adjusted trial balance for Burns Consulting for the year ended December 31, 2012 and requires preparing the necessary closing entries and a classified balance sheet as of that date using the provided accounts and balances.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Supplemental Instruction Handouts

    Financial Accounting

    Chapter 4:
    Completing the Accounting Cycle
    and Classifying Accounts
    The following adjusted trial balance is for Burns Consulting for the year ended December 31, 2012.
    Accounts Payable
    Accounts Receivable
    Accumulated Depreciation, Building
    Accumulated Depreciation, Computer Equipment
    Advertising Expense
    Bonds Payable
    Building
    Cash
    Computer Equipment
    Consulting Fees Earned
    Copyright
    Depreciation Expense Building
    Depreciation Expense Computer Equipment
    st
    J. Burns, Capital, January 1
    J. Burns, Withdrawals
    Income Summary
    Insurance Expense
    Interest Earned
    Interest Expense
    Interest Payable
    Land
    Land held for future development
    Note Payable due 2013
    Note Payable due 2014
    Prepaid Insurance
    Prepaid Rent
    Rent Earned
    Rent Expense
    Salaries Expense
    Supplies
    Supplies Expense
    Telephone Expense
    Unearned Consulting Fees

    $4,500
    $3,500
    $10,500
    $35,500
    $2,500
    $50,000
    $210,000
    $7,800
    $106,500
    $217,900
    $9,500
    $1,500
    $7,100
    $110,000
    $35,000
    ?
    $2,200
    $1,500
    $1,200
    $600
    $25,000
    $25,000
    $10,000
    $75,000
    $200
    $700
    $10,200
    $7,700
    $85,000
    $500
    $900
    $400
    $6,500

    Required:
    A) Prepare the necessary closing entries
    B) Prepare a classified balance sheet as of December 31, 2012.

    Academic Success Centre


    www.rrc.mb.ca/asc
    These questions are compiled by Michael Reimer for the Academic Success Centre.
    You can find more questions, answers and links to Wise Guys videos at
    blogs.rrc.ca/michael

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