Question

In: Accounting

Following are the 12/31/17 unadjusted and adjusted trial balances for HW Co. HW Co. Unadjusted and...

Following are the 12/31/17 unadjusted and adjusted trial balances for HW Co.
HW Co.
Unadjusted and Adjusted Trial Balances
December 31, 2017
Unadjusted Adjusted
DR CR DR CR
Cash   $16,000 $16,000
Accounts Receivable   44,000 51,800
Allowance for Doubtful Accounts   125 1,680
Supplies   17,500 6,800
Prepaid Insurance   6,700 5,100
Equipment   185,000 185,000
Accumulated Depreciation—Equipment   $58,000 $69,700
Accounts Payable 11,000 11,000
Interest Payable     300
Salaries and Wages Payable -   2,600
Notes Payable 10,000 10,000
Unearned Service Revenue 12,000 9,200
Common Stock 20,000 20,000
Retained Earnings 65,575 65,575
Service Revenue 117,200 127,800
Salaries and Wages Expense 16,000 18,600
Insurance Expense 1,600
Interest Expense 700 1,000
Depreciation Expense 11,700
Bad Debt Expense 1,555
Supplies Expense 10,700
Rent Expense 8,000 8,000
$293,900 $293,900 $317,855 $317,855
Instructions
(a) Journalize the annual adjusting entries that were made. (Omit explanations.) The first
entry has been prepared for you.
Dec Debit Credit
31 Accounts Receivable   7,800
Service Revenue 7,800
31
31
31
31
31
31
31
-  
(b) Prepare an income statement and a statement of retained earnings for the year ending December 31, 2017, and an unclassified balance sheet at December 31.
All expenses and liabilities should be placed in descending size order.
HW Co.
Income Statement
For the Year Ended December 31, 2017
Revenues
Expenses
HW Co.
Statement of Retained Earnings
For the Year Ended December 31, 2017
HW Co.
Balance Sheet
December 31, 2017
Assets
Liabilities and Stockholders’ Equity

Solutions

Expert Solution

Jounral:

Account Debit Credit
Supplies expense       10,700
Supplies       10,700
Insurance expense         1,600
Prepaid insurance         1,600
Depreciation Expense       11,700
Accumulated Depreciation—Equipment         11,700
Salaries and Wages Expense         2,600
Salaries and Wages Payable         2,600
Interest Expense            300
Interest Payable            300
Bad Debt Expense         1,555
Allowance for Doubtful Accounts           1,555
Accounts Receivable           7,800
Unearned service revenue         2,800
Service revenue       10,600

Income statement:

Revenues
Service revenue 127800
Expenses
Salaries and Wages Expense 18600
Insurance Expense 1600
Interest Expense 1000
Depreciation Expense 11700
Bad Debt Expense 1555
Supplies Expense 10700
Rent Expense 8000
Net income 74645
Statement of retained earnings
Beginning balance 65575
Add net income 74645
Closing balance 140220
Balance sheet
Dec 31, 2017
Assets
Cash             16,000
Accounts Receivable             51,800
Allowance for Doubtful Accounts               1,680
Net Accounts receivable           50,120
Supplies               6,800
Prepaid Insurance               5,100
Equipment          1,85,000
Accumulated Depreciation—Equipment             69,700        1,15,300
Total assets        1,93,320
Liabilities and stockholder's equity
Accounts Payable           11,000
Interest Payable                 300
Salaries and Wages Payable             2,600
Notes Payable           10,000
Unearned Service Revenue             9,200
Common Stock           20,000
Retained Earnings        1,40,220
Total liabilities and stockholder's equity        1,93,320

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