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Business case for Manual Accounting Haupt Consulting began its operations of consulting business on December 2010. The following transaction occurred and were completed on December. Date Transactions Dec 2 Received $10,000 cash from owner Carl Haupt Dec 2 Paid monthly office rent, $500 Dec 3 Paid cash for a Dell computer, $2,000. This equipment is expected to remain in service for five years Dec 4 Purchase office furniture on account, $3,600. The furniture should last for five years Dec 5 Purchased supplies on account, $300 Dec 9 Performed consulting service for a client on account, $1,700. Dec 12 Paid utility expenses, $200. Dec 18 Performed service for a client and received cash of $800. Dec 21 Received $900 in advance for client service to be performed evenly over the next 30 days Dec 21 Hire a secretary to be paid $ 1,500 on the 20th day of each month. The secretary begins work immediately. Dec 26 Paid $300 on account Dec 28 Collected $600 on account Dec 30 Owner withdrew $1,600 Dec 31 The business gathers the following information for the adjusting entries: Accrued service revenue, $400 Earned $300 of the service revenue collected in advance on December 21. Supplies on hand, $100 Accrued $700 expense for secretary’s salary. Dec 31 Depreciation enpense adjustment: Haupt Consulting had purchased a Dell computer and office furniture on December 3 and 4, respectively. And these assets were expected to last five years. Assuming both assets are using double-declining-balance depreciation, calculate and record the amount of depreciation for each asset for the year ended December 31, 2010. Haupt performs systems consulting. It has also begun selling accounting software. During January, Haupt Consulting completed the following transactions. The company uses LIFO perpetual inventory system to determine Cost of Good Sold and the ending inventory. As for account receivables, Haupt uses the allowance method to estimate uncollectibles. Date Transactions Jan 1 Haupt believes