Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brothers Harry and Herman Hausyerday began operations of their machine shop ( H&H Tool, Incorporated) on January 1, 2020. The annual reporting period ends December

image text in transcribed
image text in transcribed
image text in transcribed
Brothers Harry and Herman Hausyerday began operations of their machine shop ( H&H Tool, Incorporated) on January 1, 2020. The annual reporting period ends December 31 . The trial balance on January 1,2021 , follows (the amounts are rounded to thousands of dollars to simplify): 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 builiding 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. 1. Paid accounts payable on November 6,$13. 9. 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. i. Recognized salaries and wages expense on December 9,$83 paid in cash. 1. Collected accounts receivable on December 10,$22 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 . C4-2 (Algo) Part 3 Required: 3. Prepare an unadjusted trial balance. (Enter your answers in thousands of dollars.) (1) Required information

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Coffee Plus Math Equal To Audit

Authors: Marina Peters

1st Edition

B08BDSDFR6, 979-8654153418

More Books

Students also viewed these Accounting questions

Question

Make efficient use of your practice time?

Answered: 1 week ago