Hasselhouf Company

Trial Balance
January 31, 2017
Account Debet Credit
Cash $ 28,000
Account Receivable $ 36,800
Notes Receivable $ 10,000
Interest Receivable $ -
Inventory $ 36,200
Prepaid Insurance $ 3,600
Land $ 20,000
Buildings $ 150,000
Equipment $ 60,000
Patens $ 9,000
Allowance for doubtful account $ 500
Accumulated Depreciation - Buildings $ 50,000
Accumulated Depreciation - Equipment $ 24,000
Account Payable $ 27,300
Salaries and wages payable $ -
Unearned rent revenue $ 6,000
Notes payable (due in 2018) $ 11,000
Interest Payable $ -
Notes Payable (due after 2018) $ 30,000
Owners Capital $ 113,600
Owners Drawing $ 12,000
Sales Revenue $ 905,000
Interest Revenue $ -
Rent Revenue $ -
Gain on disposal of Plant Assets $ -
Bad debt expense $ -
Cost of Goods Sold $ 630,000
Depreciation Expense $ -
Insurance Expense $ -
Interest Expense $ -
Other Operating Expense $ 61,800
Amortization Expense $ -
Salaries and wages expense $ 110,000
Total $ 1,167,400 $ 1,167,400
Date Description Debet Credit
1 Equipment $ 22,800
Cash $ 22,800
2 Depreciation Expense - Equipment
Accumulated Depreciation - Equipment $ -
Cash $ 3,500
Accumulated Depreciation - Equipment $ 2,250
Equipment $ 5,000
Gain on Disposal $ 750
3 Accounts Receivable $ 9,000
Sales $ 9,000
Cost of Goods Sold $ 6,300
Inventory $ 6,300
4 Bad debts expense $ 3,500
Allowance for Doubtfull Accounts $ 3,500
5 Interest Receivable $ 600
Interest Revenue $ 600
6 Insurance expense $ 2,400
Prepaid Insurance $ 2,400
7 Depreciation expense - Building $ 4,000
Accumulated Depreciation - Building $ 4,000
8 Depreciation Expense - Equipment $ 10,800
Accumulated Depreciation - Equipment $ 10,800
9 Depreciation Expense - Equipment $ 2,800
Accumulated Depreciation - Equipment $ 2,800
10 Amortization Expense - Patens $ 900
Patents $ 900
11 Salaries Expense $ 5,200
Salaries Payable $ 5,200
12 Unearned rent $ 2,000
Rent Revenue $ 2,000
13 Interest Expense $ 3,690
Interest Payable $ 3,690
$ 79,740 $ 79,740
 Hasselhouf Company
Trial Balance
January 31, 2017

Account Debet Credit

Cash $ 28,000
Account Receivable $ 36,800
Notes Receivable $ 10,000
Interest Receivable $ -
Inventory $ 36,200
Prepaid Insurance $ 3,600
Land $ 20,000
Buildings $ 150,000
Equipment $ 60,000
Patens $ 9,000
Allowance for doubtful account $ 500
Accumulated Depreciation - Buildings $ 50,000
Accumulated Depreciation - Equipment $ 24,000
Account Payable $ 27,300
Salaries and wages payable $ -
Unearned rent revenue $ 6,000
Notes payable (due in 2018) $ 11,000
Interest Payable $ -
Notes Payable (due after 2018) $ 30,000
Owners Capital $ 113,600
Owners Drawing $ 12,000
Sales Revenue $ 905,000
Interest Revenue $ -
Rent Revenue $ -
Gain on disposal of Plant Assets $ -
Bad debt expense $ -
Cost of Goods Sold $ 630,000
Depreciation Expense - Building $ -
Depreciation Expense -Equipment
Insurance Expense $ -
Interest Expense $ -
Other Operating Expense $ 61,800
Amortization Expense $ -
Salaries and wages expense $ 110,000
Total $ 1,167,400 $ 1,167,400
 Hasselhouf Company
Trial Balance
December 31, 2017

Account Debet Credit

Cash $ 8,700
Account Receivable $ 45,800
Notes Receivable $ 10,000
Interest Receivable $ 600
Inventory $ 29,900
Prepaid Insurance $ 1,200
Land $ 20,000
Buildings $ 150,000
Equipment $ 77,800
Patens $ 8,100
Allowance for doubtful account $ 4,000
Accumulated Depreciation - Buildings $ 54,000
Accumulated Depreciation - Equipment $ 35,350
Account Payable $ 27,300
Salaries and wages payable $ 5,200
Unearned rent revenue $ 4,000
Notes payable (due in 2018) $ 11,000
Interest Payable $ 3,690
Notes Payable (due after 2018) $ 30,000
Owners Capital $ 113,600
Owners Drawing $ 12,000
Sales Revenue $ 914,000
Interest Revenue $ 600
Rent Revenue $ 2,000
Gain on disposal of Plant Assets $ 750
Bad debt expense $ 3,500
Cost of Goods Sold $ 636,300
Depreciation Expense - Building $ 4,000
Depreciation Expense -Equipment $ 13,600
Insurance Expense $ 2,400
Interest Expense $ 3,690
Other Operating Expense $ 61,800
Amortization Expense $ 900
Salaries and wages expense $ 115,200
Total $ 1,205,490 $ 1,205,490
 Hasselhou
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Decembe
Account Trial Balance Adjustment Entries
Debet Credit Debet
Cash $ 28,000
Account Receivable $ 36,800 $ 9,000
Notes Receivable $ 10,000
Interest Receivable $ - $ 600
Inventory $ 36,200
Prepaid Insurance $ 3,600
Land $ 20,000
Buildings $ 150,000
Equipment $ 60,000 $ 17,800
Patens $ 9,000
Allowance for doubtful account $ 500
Accumulated Depreciation - Buildings $ 50,000
Accumulated Depreciation - Equipment $ 24,000
Account Payable $ 27,300
Salaries and wages payable $ -
Unearned rent revenue $ 6,000
Notes payable (due in 2018) $ 11,000
Interest Payable $ -
Notes Payable (due after 2018) $ 30,000
Owners Capital $ 113,600
Owners Drawing $ 12,000
Sales Revenue $ 905,000
Interest Revenue $ -
Rent Revenue $ -
Gain on disposal of Plant Assets $ -
Bad debt expense $ -
Cost of Goods Sold $ 630,000
Depreciation Expense - Building $ -
Depreciation Expense -Equipment $ -
Insurance Expense $ -
Interest Expense $ -
Other Operating Expense $ 61,800
Amortization Expense $ -
Salaries and wages expense $ 110,000

Total $ 1,167,400 $ 1,167,400

 Hasselhouf Company
Worksheet
December 31, 2017
Adjustment Entries Trial Balance After Adjustment Entries Income Statement
Credit Debet Credit Debet Credit
$ 22,800

$ 6,300
$ 2,400

$ 77,800
$ 900
$ 3,500
$ 4,000
$ 11,350 $ 35,350
Balance Sheet
Debet Credit
 Hasselhouf Company
Income Statement
December 31, 2017
Revenue :
Sales $ 914,000 Assets
Cost of Goods Sold $ -636,300 Current Asset :
Gross Profit $ 277,700 Cash
Operating Expense : Account Receivable
Bad debt expense $ 3,500 Allowance for doubtful account
Depreciation Expense - Building $ 4,000 Notes Receivable
Depreciation Expense -Equipment $ 13,600 Interest Receivable
Insurance Expense $ 2,400 Inventory
Other Operating Expense $ 61,800 Prepaid Insurance
Amortization Expense $ 900 Total Current Assets
Salaries and wages expense $ 115,200 Fixed Asset :
Total Operating Expense $ -201,400 Land
Other Revenue : Buildings
Interest Revenue $ 600 Accumulated Depreciation - Buil
Rent Revenue $ 2,000 Equipment
Gain on disposal of Plant Assets $ 750 Accumulated Depreciation - Equ
Total Other Revenue $ 3,350 Total Fixed Assets
Other Expense and Losses
Interest Expense $ -3,690 Intangible Asset
Patens
Net Income Before Tax $ 75,960
Total Asset
Hasselhouf Company
Statement's Of Owners Equity
December 31, 2017
Beginning Capital $ 113,600
+ Net Income $ 75,960
$ 189,560
- Owners Drawing $ -12,000
Ending Capital $ 177,560
 Hasselhouf Company
Balance Sheet
December 31, 2017

Liabilities and Equities

Current Liabilities :
$ 8,700 Account Payable $ 27,300
ount Receivable $ 45,800 Salaries and wages payable $ 5,200
wance for doubtful account $ -4,000 Unearned rent revenue $ 4,000
es Receivable $ 10,000 Notes payable (due in 2018) $ 11,000
rest Receivable $ 600 Interest Payable $ 3,690
$ 29,900
aid Insurance $ 1,200
Total Current Assets $ 92,200 Total Current Liabilities $ 51,190
Long Term Liabilities :
$ 20,000 Notes Payable (due after 2018) $ 30,000
$ 150,000
umulated Depreciation - Buildings $ -54,000
$ 77,800 Equities
umulated Depreciation - Equipment $ -35,350 Owners Capital $ 177,560
Total Fixed Assets $ 158,450

ngible Asset
$ 8,100

$ 258,750 Total Liabilities and Equities $ 258,750