Unadjusted C4-2 (Algo) From Recording Transactions (Including Adjusting Journal Entries) to Pre Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4 4-4, LO 4-5, LO 4-6] (General Ledger) Brothers Harry and Herman Hausyerday began operations of their machine shop ( H&H Tool, Incorporated) o annual reporting period ends December 31. The trial balance on January 1, 2021, follows (the amounts are rou dollars to simplify): H \& H TOOL, INCORPORATED Statement of Retained Earnings For the Year Ended December 31, 2021 (in thousands) Balance, January 1, 2021 Balance, December 31, 2021 $ 0 H \& H TOOL, INCORPORATED Income Statement. For the Year Ended December 31, 2021 (in thousands) Calculate the Net Income, Net Profit Margin and Current Ratio. Net income can be found on Income stater Select Adjusted on the dropdown.) Journal entry worksheet 678 Borrowed $12 cash on March 1 using a short-term note. Record the transaction. Note: Enter debits before credits. Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $9. c. Issued additional shares of common stock on April 3 for $26. d. Purchased software on July 4,$10 cash. e. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on November 6,$13. g. Signed a $25 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $156 on December 8 , including $38 on credit and $118 collected in cash 1. Recognized salaries and wages expense on December 9,$83 paid in cash. j. Collected accounts receivable on December 10,$22. Date for adjusting journal entries as of December 31 : k. Unrecorded amortization for the year on software, $7. 1. Supplies counted on December 31, 2021, \$10. m. Depreciation for the year on the equipment, \$6. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was \$8. It will be paid in 2022 . Unadjusted C4-2 (Algo) From Recording Transactions (Including Adjusting Journal Entries) to Pre Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4 4-4, LO 4-5, LO 4-6] (General Ledger) Brothers Harry and Herman Hausyerday began operations of their machine shop ( H&H Tool, Incorporated) o annual reporting period ends December 31. The trial balance on January 1, 2021, follows (the amounts are rou dollars to simplify): H \& H TOOL, INCORPORATED Statement of Retained Earnings For the Year Ended December 31, 2021 (in thousands) Balance, January 1, 2021 Balance, December 31, 2021 $ 0 H \& H TOOL, INCORPORATED Income Statement. For the Year Ended December 31, 2021 (in thousands) Calculate the Net Income, Net Profit Margin and Current Ratio. Net income can be found on Income stater Select Adjusted on the dropdown.) Journal entry worksheet 678 Borrowed $12 cash on March 1 using a short-term note. Record the transaction. Note: Enter debits before credits. Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $9. c. Issued additional shares of common stock on April 3 for $26. d. Purchased software on July 4,$10 cash. e. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on November 6,$13. g. Signed a $25 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $156 on December 8 , including $38 on credit and $118 collected in cash 1. Recognized salaries and wages expense on December 9,$83 paid in cash. j. Collected accounts receivable on December 10,$22. Date for adjusting journal entries as of December 31 : k. Unrecorded amortization for the year on software, $7. 1. Supplies counted on December 31, 2021, \$10. m. Depreciation for the year on the equipment, \$6. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was \$8. It will be paid in 2022
