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): Transoctions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $13 cash on March 1 using a short-term note. b. Purchased iand on March 2 for future bulding sile, paid cash, $7. c. Issued additional shates of common stock on April 3 for $31 d. Purchased sofware on Julv 4,$12 cash. Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $13 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site: paid cash, $7. c. Issued additional shares of common stock on April 3 for $31. d. Purchased software on July 4, $12 cash. e. Purchased supplies on account on October 5 for future use, $17. f. Paid accounts payable on November 6,$14. g. Signed a $30 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $146 on December 8 , including $33 on credit and $113 collected in cash. 1. Recognized salaries and wages expense on December 9,$78 paid in cash. j. Collected accounts receivable on December 10,$17. Data for adjusting journal entries as of December 31; k. Unrecorded amortization for the year on software, $7. 1. Supplies counted on December 31,2021,$11. m. Depreciation for the year on the equipment, $7. n. Interest of $2 to accrue on notes payable. 0. Salaries and wages earned but not yet paid or recorded, $13. p. Income tax for the year was $9, It will be paid in 2022. (Enter all of your answers in thousands of dollars, (i.e., $100,000 should be entered as $100 )). Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs

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_2

Step: 3

blur-text-image_3

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

Effect Of Audit Quality On The Market Value Of Listed Non Financial Companies In Nigeria

Authors: Dr. Patience Ote Ola

1st Edition

6200479496, 978-6200479495

More Books

Students also viewed these Accounting questions

Question

What is one of the skills required for independent learning?Explain

Answered: 1 week ago