The Accountant for Sheldrake Consulting Prepared the Following "Adjusted" Trial

question 63

Essay

The accountant for Sheldrake Consulting prepared the following "Adjusted" Trial Balance at December 31, 2011, after one year of operations:
Prepare closing entries for Sheldrake Consulting.
$$\begin{array} { | l | l | l | } \hline & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 7,590 & \\\hline \text { Accounts Receivable } & 5,910 & \\\hline \text { Unexpired Insurance } & 2,550 & \\\hline \text { Office Equipment } & 25,230 & \\\hline \text { Accumulated Depreciation: Office Equipment } & & \$ 450 \\\hline \text { Unearned Consulting Fees } & & 4,230 \\\hline \text { Capital Stock } & & 21,030 \\\hline \text { Retained Earnings, January 1, 2011 } & & 3,390 \\\hline \text { Dividends } & 1,150 & \\\hline \text { Consulting Fees Earned } & & 28,150 \\\hline \text { Salaries Expense } & 8,850 & \\\hline \text { Utilities Expense } & 2,130 & \\\hline \text { Rent Expense } & 3,390 & \\\hline \text { Depreciation Expense } & \underline { 450 } & \\\hline & \underline { \$ 57,250 } & \underline { \$ 57,250 } \\\hline\end{array}$$

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Definitions:

Arnold J. Toynbee

A British historian and philosopher known for his 12-volume analysis of the rise and fall of civilizations, "A Study of History."

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