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Presented below is the trial balance of H.T Herbert Company for the year ended Dec. 31, 2020. H.T HERBERT COMPANY Trial Balance December 31, 2020 ACCOUNTS DR CR Cash $ 12,500.00 Account Receivable 20,000.00 Allowance for doubtful accounts 250.00 Notes Receivable 2,500.00 Unexpired Insurance Office Supplies on Hand Building Accumulated depreciation-Building 1,500.00 1,000.00 40,000.00 20,000.00 Equipement 15,000.00 Accumulated depreciation-Equipment Account Payable H.T. Herbert, Capital 10,000,00 5,000.00 20,000,00 H.T. Herbert, Drawing 9,000.00 Service Revenue 80,000.00 Salaries and Wages Expense Advertising Expense Utilities Expense Miscellaneous Expense 30,000.00 1,400.00 2,000.00 350.00 $ 135,250.00 $ 135,250.00 Data for adjustment 1. The allowance for doubtful accounts should be increased by 2 percent of year-end accounts receivable. 2. Accrued interest on notes receivable is $152. 3. Insurance expense for the year is $1,240. 4. A physical inventory shows that office supplies costing $273 are on hand at December 31, 2020. 5. The building is depreciated at the rate of 1o.5 percent per year. 6. The equipment is depreciated at the rate of 8 1/5 percent per year. 7. Accrued salaries and wages are $2,000. Requirements: A. Adjusting Entries B. Worksheet Cc. Income Statement (Report Format) D. Balance Sheet (Report Format)

Presented below is the trial balance of H.T Herbert Company for the year ended Dec. 31, 2020. H.T HERBERT COMPANY Trial Balance December 31, 2020 ACCOUNTS DR CR Cash $ 12,500.00 Account Receivable 20,000.00 Allowance for doubtful accounts 250.00 Notes Receivable 2,500.00 Unexpired Insurance Office Supplies on Hand Building Accumulated depreciation-Building 1,500.00 1,000.00 40,000.00 20,000.00 Equipement 15,000.00 Accumulated depreciation-Equipment Account Payable H.T. Herbert, Capital 10,000,00 5,000.00 20,000,00 H.T. Herbert, Drawing 9,000.00 Service Revenue 80,000.00 Salaries and Wages Expense Advertising Expense Utilities Expense Miscellaneous Expense 30,000.00 1,400.00 2,000.00 350.00 $ 135,250.00 $ 135,250.00 Data for adjustment 1. The allowance for doubtful accounts should be increased by 2 percent of year-end accounts receivable. 2. Accrued interest on notes receivable is $152. 3. Insurance expense for the year is $1,240. 4. A physical inventory shows that office supplies costing $273 are on hand at December 31, 2020. 5. The building is depreciated at the rate of 1o.5 percent per year. 6. The equipment is depreciated at the rate of 8 1/5 percent per year. 7. Accrued salaries and wages are $2,000. Requirements: A. Adjusting Entries B. Worksheet Cc. Income Statement (Report Format) D. Balance Sheet (Report Format)

FINANCIAL ACCOUNTING
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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Presented below is the trial balance of H.T Herbert Company for the year ended Dec. 31, 2020. H.T HERBERT COMPANY Trial Balance December 31, 2020 ACCOUNTS DR CR Cash $ 12,500.00 Account Receivable 20,000.00 Allowance for doubtful accounts $ 250.00 Notes Receivable 2,500.00 Unexpired Insurance 1,500.00 Office Supplies on Hand Building Accumulated depreciation-Building Equipement 1,000.00 40,000.00 20,000.00 15,000.00 10,000,00 Accumulated depreciation-Equipment Account Payable 5,000,00 H.T. Herbert, Capital 20,000.00 H.T. Herbert, Drawing Service Revenue 9,000.00 80,000,00 Salaries and Wages Expense 30,000.00 Advertising Expense Utilities Expense 1,400.00 2,000.00 Miscellaneous Expense 350.00 $ 135,250.00 $ 135,250.00 Data for adjustment 1. The allowance for doubtful accounts should be increased by 2 percent of year-end accounts receivable. 2. Accrued interest on notes receivable is $152. 3. Insurance expense for the year is $1,240. 4. A physical inventory shows that office supplies costing $273 are on hand at December 31, 2020. 5. The building is depreciated at the rate of 10.5 percent per year. 6. The equipment is depreciated at the rate of 8 1/5 percent per year. 7. Accrued salaries and wages are $2,000. Requirements: A. Adjusting Entries B. Worksheet c. Income Statement (Report Format) D. Balane heet (Report Format)
Transcribed Image Text:Presented below is the trial balance of H.T Herbert Company for the year ended Dec. 31, 2020. H.T HERBERT COMPANY Trial Balance December 31, 2020 ACCOUNTS DR CR Cash $ 12,500.00 Account Receivable 20,000.00 Allowance for doubtful accounts $ 250.00 Notes Receivable 2,500.00 Unexpired Insurance 1,500.00 Office Supplies on Hand Building Accumulated depreciation-Building Equipement 1,000.00 40,000.00 20,000.00 15,000.00 10,000,00 Accumulated depreciation-Equipment Account Payable 5,000,00 H.T. Herbert, Capital 20,000.00 H.T. Herbert, Drawing Service Revenue 9,000.00 80,000,00 Salaries and Wages Expense 30,000.00 Advertising Expense Utilities Expense 1,400.00 2,000.00 Miscellaneous Expense 350.00 $ 135,250.00 $ 135,250.00 Data for adjustment 1. The allowance for doubtful accounts should be increased by 2 percent of year-end accounts receivable. 2. Accrued interest on notes receivable is $152. 3. Insurance expense for the year is $1,240. 4. A physical inventory shows that office supplies costing $273 are on hand at December 31, 2020. 5. The building is depreciated at the rate of 10.5 percent per year. 6. The equipment is depreciated at the rate of 8 1/5 percent per year. 7. Accrued salaries and wages are $2,000. Requirements: A. Adjusting Entries B. Worksheet c. Income Statement (Report Format) D. Balane heet (Report Format)
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