After the adjusted trial balance is prepared, you tell Sophia that HHEC’s financial statements for Year 1 can now be prepared. HHEC Adjusted Trial Balance December 31, Year 1 Cash $ 7,215 Accounts Receivable $ 2,700 Supplies $ 2,400 Preapid Insurance $ 2,300 Building $ 10,000 Accumulated Depreciation - Building $ 1,980 Office Equipment $ 1,800 Accumulated Depreciation - Office Equipment $ 50 Accounts Payable $ 1,850 Wages Payable $ 250 Unearned Revenue $ 360 Sisters, Capital $ 15,000 Sisters, Withdrawals $ 4,000 Cleaning Revenues $ 19,160 Depreciation Expense - Office Equipment $ 50 Depreciation Expense - Building $ 1,980 Insurance Expense $ 100 Supplies Expense $ 400 Wages Expense $ 4,525 Utilities Expense $ 985 Miscellaneous Expense $ 195 Total $ 38,650 $ 38,650 You must use the adjusted trial balance to prepare HHEC’s income statement, statement of owner’s equity, and balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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After the adjusted trial balance is prepared, you tell Sophia that HHEC’s financial statements for Year 1 can now be prepared.

HHEC
Adjusted Trial Balance
December 31, Year 1

Cash	$ 7,215
Accounts Receivable	$ 2,700
Supplies	$ 2,400
Preapid Insurance	$ 2,300
Building	$ 10,000
Accumulated Depreciation - Building		$ 1,980
Office Equipment	$ 1,800
Accumulated Depreciation - Office Equipment		$ 50
Accounts Payable		$ 1,850
Wages Payable		$ 250
Unearned Revenue		$ 360
Sisters, Capital		$ 15,000
Sisters, Withdrawals	$ 4,000
Cleaning Revenues		$ 19,160
Depreciation Expense - Office Equipment	$ 50
Depreciation Expense - Building	$ 1,980
Insurance Expense	$ 100
Supplies Expense	$ 400
Wages Expense	$ 4,525
Utilities Expense	$ 985
Miscellaneous Expense	$ 195
Total	$ 38,650	$ 38,650

You must use the adjusted trial balance to prepare HHEC’s income statement, statement of owner’s equity, and balance sheet.

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