The accountant for Sheldrake Consulting prepared the following “Adjusted” Trial Balance at December 31, 2011, after one year of operations
| Debit | Credit |
Cash | $ 7,590 |
|
Accounts Receivable | 5,910 |
|
Unexpired Insurance | 2,550 |
|
Office Equipment | 25,230 |
|
Accumulated Depreciation: Office Equipment |
| $ 450 |
Unearned Consulting Fees |
| 4,230 |
Capital Stock |
| 21,030 |
Retained Earnings, January 1, 2011 |
| 3,390 |
Dividends | 1,150 |
|
Consulting Fees Earned |
| 28,150 |
Salaries Expense | 8,860 |
|
Utilities Expense | 2,130 |
|
Rent Expense | 3,390 |
|
Depreciation Expense | 450 | ______ |
| $57,250 | $57,250 |
|
|
|
Prepare closing entries for Sheldrake Consulting.
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