Question Answer please.Thank you Hasselhouf Company's trial balance at December 31, 2017, is presented. All 2017 transactions have been recorded except for the items described. Debit Credit Cash $28,000 Accounts Receivable 36,800 Notes Receivable 10,000 Interest Receivable 0 Inventory 36,200 Prepaid Insurance 3,600 Land 20,000 Buildings 150,000 Equipment 60,000 Patents 9,000 Allowance for Doubtful Accounts $500 Accumulated Depreciation - Buildlings 50,000 Accumulated Depreciation - Equipment 24,000 Accounts Payable 27,300 Salaries and Wages Payable 0 Unearned Rent Revenue 6,000 Notes Payable (due in 2018) 11,000 Interest Payable 0 Notes Payable (due after 2018 30,000 Common Stock 50,000 Retained Earnings 63,600 Dividends 12,000 Sales Revenue 905,000 Interest Revenue 0 Rent Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 630,000 Depreciation Expense 0 Insurance Expense 0 Interest Expense 0 Other Operating Expenses 61,800 Amortization Expense 0} Salaries and Wages Expense 110,000 Total $1,167,400 $1,167,400
Answer please.Thank you
Hasselhouf Company's
| Debit | Credit | |
|---|---|---|
| Cash | $28,000 | |
| 36,800 | ||
| Notes Receivable | 10,000 | |
| Interest Receivable | 0 | |
| Inventory | 36,200 | |
| Prepaid Insurance | 3,600 | |
| Land | 20,000 | |
| Buildings | 150,000 | |
| Equipment | 60,000 | |
| Patents | 9,000 | |
| Allowance for Doubtful Accounts | $500 | |
| 50,000 | ||
| Accumulated Depreciation - Equipment | 24,000 | |
| Accounts Payable | 27,300 | |
| Salaries and Wages Payable | 0 | |
| Unearned Rent Revenue | 6,000 | |
| Notes Payable (due in 2018) | 11,000 | |
| Interest Payable | 0 | |
| Notes Payable (due after 2018 | 30,000 | |
| Common Stock | 50,000 | |
| 63,600 | ||
| Dividends | 12,000 | |
| Sales Revenue | 905,000 | |
| Interest Revenue | 0 | |
| Rent Revenue | 0 | |
| Gain on Disposal of Plant Assets | 0 | |
| 0 | ||
| Cost of Goods Sold | 630,000 | |
| Depreciation Expense | 0 | |
| Insurance Expense | 0 | |
| Interest Expense | 0 | |
| Other Operating Expenses | 61,800 | |
| Amortization Expense | 0} | |
| Salaries and Wages Expense | 110,000 | |
| Total | $1,167,400 | $1,167,400 |
Unrecorded transactions:
1. On May 1, 2017, Hasselhouf purchased equipment for $21,200 plus sales taxes of $1,600 (all paid in cash)
2. On July 1, 2017, Hasselhouf sold for $3,500 equipment which originally cost $5,000. Accumulated depreciation on this equipment at January 1, 2017 was $1,800; 2017 depreciation priort to the sale of the equipment was $450.
3. On December 31, 2017, Hasselhouf sold on account $9,000 of inventory that cost $6,300.
4. Hasselhouf estimates that uncollectible accounts reeivable at year-end is $3,500
5. The not receivable is a one-year 8% note dated April 1, 2017. NO interest has been recorded.
6. The balance is prepaid insurance represents payment of a $3,600 6-month premium on September 1, 2017.
7. The building is being depreiated using the straight-line method over 5 years. The salvage valueis 10% of cost
9. The equipment purchased on May 1, 2017, is being
10. The patent was acquired on January 1, 2017, and had a useful ide of 10 yers from that date.
11. Unpaid salaries and wages at December 31, 2017, total $5,200.
12. The unearned rent revenue of $6,000 was received on December 1, 2017, for 3 months rent.
13. Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 9% interest rate. Al interest is payable in the next 12 months.
Instructions
1. Prepare a Deceber 31, 2017, classified
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