Question
Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends
Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify):
Account Titles | Debit | Credit | ||||
Cash | $ | 2 | ||||
Accounts Receivable | 6 | |||||
Supplies | 13 | |||||
Land | 0 | |||||
Equipment | 54 | |||||
Accumulated Depreciation | $ | 5 | ||||
Software | 21 | |||||
Accumulated Amortization | 6 | |||||
Accounts Payable | 4 | |||||
Notes Payable (short-term) | 0 | |||||
Salaries and Wages Payable | 0 | |||||
Interest Payable | 0 | |||||
Income Tax Payable | 0 | |||||
Common Stock | 72 | |||||
Retained Earnings | 9 | |||||
Service Revenue | 0 | |||||
Salaries and Wages Expense | 0 | |||||
Depreciation Expense | 0 | |||||
Amortization Expense | 0 | |||||
Income Tax Expense | 0 | |||||
Interest Expense | 0 | |||||
Supplies Expense | 0 | |||||
Totals | $ | 96 | $ | 96 | ||
Transactions and events during 2018 (summarized in thousands of dollars) follow:
- Borrowed $11 cash on March 1 using a short-term note.
- Purchased land on March 2 for future building site; paid cash, $8.
- Issued additional shares of common stock on April 3 for $30.
- Purchased software on July 4, $11 cash.
- Purchased supplies on account on October 5 for future use, $19.
- Paid accounts payable on November 6, $12.
- Signed a $20 service contract on November 7 to start February 1, 2019.
- Recorded revenues of $148 on December 8, including $34 on credit and $114 collected in cash.
- Recognized salaries and wages expense on December 9, $79 paid in cash.
- Collected accounts receivable on December 10, $18.
Data for adjusting journal entries as of December 31:
- Unrecorded amortization for the year on software, $6.
- Supplies counted on December 31, 2018, $12.
- Depreciation for the year on the equipment, $5.
- Interest of $1 to accrue on notes payable.
- Salaries and wages earned but not yet paid or recorded, $11.
- Income tax for the year was $7. It will be paid in 2019.
im working on the accounting cycle. i have hard time with finding the adjusted trial balance, closing entries, and the post closing trial balance. any help clear would be greatly appreciated
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