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
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