Accounting Cycle Review 10 a-d Hasselhouf Company's trial balance at December 31, 2020, is as follows. All 2020 transactions have been recorded except for the items described following the trial balance. Debit Credit $28,000 35,000 8,300 36,400 3,600 20,600 138,000 61,200 10,600 Study $400 46,000 24.480 27.200 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depredation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2018) Interest Payable Notes Payable (due ter 2018) Owner's Capital Owner's Drawings Sales Revenue Interest Revenue Rent Revenue Gain on Disposal of Hant Assets Bad Debts Expense Cost of Goods Sold Depreciation Expense Insurance Expense Interest Expense Other Operating Expenses Amortition Expense 2,100 13,000 36,000 99,620 12.500 905,000 637,000 61,000 Sales Revenge Interest Revenue Rent Revenue Gain on Disposal of Plant Asus Bad Debts Expense Cast of Goods Sold Depreciation Expense t rance Expense Interest 637,000 inch depron this w ay was 1.200 2020 derec e to the Unrecorded tractions 1. On May 1, 2020, Hawthout purchased w ent for $17.500 s tes of $1.500 2. Only 1, 2020, w hose for $3.500 mark which originally co 1.100. Acum 3. On December 31, 2020, wh o $5.000 of inventory that 3,00 4. Hasselho estimates that h e counts receivable tears 5. The noter i s ne daten 1.2020. been recorded The balance in ce m ent of a 1.000 mete r 7. The big big deciding the need over the was 2000 Prepare an updated December 31, 2020, trial balance. (Combine the amounts of current and non-current portion HASSELLHOUF COMPANY Trial Balance Debit Credit Prepare a 2020 income statement. HASSELLHOUF COMPANY Income Statement Prepare a 2020 an owner's equity statement. (List items that increase owner's equity first.) HASSELLHOUF COMPANY Owner's Equity Statement LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a December 31, 2020, dassified balance sheet. (List Current Assets in order of liquidity. List Property, plant and Equipment in the order o HASSELLHOUF COMPANY Balance Sheet Assets Owners OP 19 101.000 CES Accounting Cycle Review 10 a-d Hassellhouf Company's trial balance at December 31, 2020, is as follows. All 2020 transactions have been recorded except for the items described following the trial balance. Debit Credit - - $28,000 35,000 8,300 1.b Video) 36,400 3,600 20,600 138,000 61,200 10,600 y Study $400 46,000 24,480 27,200 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2018) Interest Payable Notes Payable (due after 2018) Owner's Capital Owner's Drawings Sales Revenue Interest Revenue Rent Revenue Gain on Disposal of Plant Assets Bad Debts Expense Cost of Goods Sold Depreciation Expense Insurance Expense Interest Expense Other Operating Expenses 2,100 13,000 36,000 99,620 12.500 905,000 637,000 61,600 61,600 Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense 101,000 $1,153,800 $1,153,800 Total Unrecorded transactions: 1. On May 1, 2020, Hasselhouf purchased equipment for $17,600 plus sales taxes of $1.500 (all paid in cash). 2. On July 1, 2020, Hassellhouf sold for $3,500 equipment which originally cost $5,100. Accumulated depreciation on this equipment at January 1, 2020, was $1,800; 2020 depreciation prior to the sale of the equipment was $500. 3. On December 31, 2020, Hasselhouf sold on account $5,000 of inventory that cost $3,200. 4. Hassellhouf estimates that uncollectible accounts receivable at year-end is $3,900. 5. The note receivable is a one-year, 8% note dated April 1, 2020. No interest has been recorded. 6. The balance in prepaid insurance represents payment of a $3,600 6-month premium on September 1, 2020. 7. The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,000. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 9. The equipment purchased on May 1, 2020, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,000. 10. The patent was acquired on January 1, 2020, and has a useful life of 10 years from that date. 11. Unpaid salaries and wages at December 31, 2020, total $2,000. 12. The unearned rent revenue of $2,100 was received on December 1, 2020, for 3 months' rent. 13. Both the short-term and long-term notes payable are dated January 1, 2020, and carry a 9% Interest rate. All interest is payable in the next 12 months. Prepare journal entries for the transactions listed above. (Credit account titles are automatically intented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) No. Mount Titles and Explanation Debit Credit (To record depreciation expense.) Accounting Cycle Review 10 a-d Hasselhouf Company's trial balance at December 31, 2020, is as follows. All 2020 transactions have been recorded except for the items described following the trial balance. Debit Credit $28,000 35,000 8,300 36,400 3,600 20,600 138,000 61,200 10,600 Study $400 46,000 24.480 27.200 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depredation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2018) Interest Payable Notes Payable (due ter 2018) Owner's Capital Owner's Drawings Sales Revenue Interest Revenue Rent Revenue Gain on Disposal of Hant Assets Bad Debts Expense Cost of Goods Sold Depreciation Expense Insurance Expense Interest Expense Other Operating Expenses Amortition Expense 2,100 13,000 36,000 99,620 12.500 905,000 637,000 61,000 Sales Revenge Interest Revenue Rent Revenue Gain on Disposal of Plant Asus Bad Debts Expense Cast of Goods Sold Depreciation Expense t rance Expense Interest 637,000 inch depron this w ay was 1.200 2020 derec e to the Unrecorded tractions 1. On May 1, 2020, Hawthout purchased w ent for $17.500 s tes of $1.500 2. Only 1, 2020, w hose for $3.500 mark which originally co 1.100. Acum 3. On December 31, 2020, wh o $5.000 of inventory that 3,00 4. Hasselho estimates that h e counts receivable tears 5. The noter i s ne daten 1.2020. been recorded The balance in ce m ent of a 1.000 mete r 7. The big big deciding the need over the was 2000 Prepare an updated December 31, 2020, trial balance. (Combine the amounts of current and non-current portion HASSELLHOUF COMPANY Trial Balance Debit Credit Prepare a 2020 income statement. HASSELLHOUF COMPANY Income Statement Prepare a 2020 an owner's equity statement. (List items that increase owner's equity first.) HASSELLHOUF COMPANY Owner's Equity Statement LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a December 31, 2020, dassified balance sheet. (List Current Assets in order of liquidity. List Property, plant and Equipment in the order o HASSELLHOUF COMPANY Balance Sheet Assets Owners OP 19 101.000 CES Accounting Cycle Review 10 a-d Hassellhouf Company's trial balance at December 31, 2020, is as follows. All 2020 transactions have been recorded except for the items described following the trial balance. Debit Credit - - $28,000 35,000 8,300 1.b Video) 36,400 3,600 20,600 138,000 61,200 10,600 y Study $400 46,000 24,480 27,200 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2018) Interest Payable Notes Payable (due after 2018) Owner's Capital Owner's Drawings Sales Revenue Interest Revenue Rent Revenue Gain on Disposal of Plant Assets Bad Debts Expense Cost of Goods Sold Depreciation Expense Insurance Expense Interest Expense Other Operating Expenses 2,100 13,000 36,000 99,620 12.500 905,000 637,000 61,600 61,600 Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense 101,000 $1,153,800 $1,153,800 Total Unrecorded transactions: 1. On May 1, 2020, Hasselhouf purchased equipment for $17,600 plus sales taxes of $1.500 (all paid in cash). 2. On July 1, 2020, Hassellhouf sold for $3,500 equipment which originally cost $5,100. Accumulated depreciation on this equipment at January 1, 2020, was $1,800; 2020 depreciation prior to the sale of the equipment was $500. 3. On December 31, 2020, Hasselhouf sold on account $5,000 of inventory that cost $3,200. 4. Hassellhouf estimates that uncollectible accounts receivable at year-end is $3,900. 5. The note receivable is a one-year, 8% note dated April 1, 2020. No interest has been recorded. 6. The balance in prepaid insurance represents payment of a $3,600 6-month premium on September 1, 2020. 7. The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,000. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 9. The equipment purchased on May 1, 2020, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,000. 10. The patent was acquired on January 1, 2020, and has a useful life of 10 years from that date. 11. Unpaid salaries and wages at December 31, 2020, total $2,000. 12. The unearned rent revenue of $2,100 was received on December 1, 2020, for 3 months' rent. 13. Both the short-term and long-term notes payable are dated January 1, 2020, and carry a 9% Interest rate. All interest is payable in the next 12 months. Prepare journal entries for the transactions listed above. (Credit account titles are automatically intented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) No. Mount Titles and Explanation Debit Credit (To record depreciation expense.)