Answered step by step
Verified Expert Solution
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
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): Account Titles Cash Accounts Receivable Debit $ 2 Credit 6 Supplies 13 Land e Equipment 67 Accumulated Depreciation $ 5 Software 21 Accumulated Amortization Accounts Payable Notes Payable (short-term)) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals 84 B $ 109 $ 189 Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $11 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site: paid cash, $8. c issued additional shares of common stock on April 3 for $30. d. Purchased software on July 4, $11 cash. e. Purchased supplies on account on October 5 for future use. $19. Paid accounts payable on November 6, $12 g Signed a $20 service contract on November 7 to start February 1, 2022 h. Recorded revenues of $174 on December 8. Including $47 on credit and $127 collected in cash. Recognized salaries and wages expense on December 9, $92 paid in cash. Collected accounts receivable on December 10, $31. Data for adjusting journal entries as of December 31 Debit Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Cash Credit Accounts Receivable. Debit Credit Beginning Balance Ending Balance Supplies Land Credit Debit Credit Beginning Balance Ending Balance Equipment Accumulated Depreciation Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Software Credit Ending Balance Accumulated Amortization Debit Credit Software Accumulated Amortization Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance 0 Accounts Payable Notes Payable (short-term) Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Salaries and Wages Payable) Interest Payable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Income Tax Payable Common Stock: Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started