This problem continues the Draper Consulting, Inc., situation from Problem 2-62 of Chapter 2. Start from the trial balance and the posted T-accounts that Draper Consulting, Inc., prepared at December 18, 2012, as follows: Later in December, the business completed these transactions, as follows: Dec 21 Received $1,400 in advance for client service to be performed evenly over the next 30 days. 21 Hired a secretary to be paid $2,055 on the 20th day of each month. The secretary begins work immediately. 26 Paid $450 on account. 28 Collected $300 on account. 30 Paid cash dividends of $1,400. Requirements 1. Open these additional T-accounts: Accumulated depreciation—equipment; Accumulated depreciation—furniture; Salary payable; Unearned service revenue; Depreciation expense—equipment; Depreciation expense—furniture; Supplies expense. 2. Journalize the transactions of December 21–30. 3. Post to the T-accounts, keying all items by date. 4. Prepare a trial balance at December 31. Also set up columns for the adjustments and for the adjusted trial balance, as illustrated in Exhibit 3-8. 5. At December 31, the business gathers the following information for the adjusting entries: a. Accrued service revenue, $550. b. Earned $700 of the service revenue collected in advance on December 21. c. Supplies on hand, $200. d. Depreciation expense—equipment, $30; furniture, $70. e. Accrued $685 expense for secretary’s salary. On your worksheet, make these adjustments directly i
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