Start from the posted T-accounts and the adjusted trial balance that Draper Consulting prepared for

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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
31-Dec-12
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 $27,98

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.