Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

C 4 - 2 ( Algo ) From Recording Transactions ( Including Adjusting Journal Entries ) to Preparing Financial Statements and Closing Journal Entries (

C4-2(Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2,3, and 4)[LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6][The following information applies to the questions displayed below.] 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,Debit,Credit],[Cash,4,],[Accounts Receivable,4,],[Supplies,0,],[Land,56,],[Equipment,17,7Required Information
C4-2(Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial
Statements and Closing Journal Entries (Chapters 2,3, and 4)[LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO
4-4,[O 4-5,[O 4-6]
[The following information applies to the questions displayed below.]
Brothers Harry and Herman Hausyerday began operations of thelr machine shop (H&H Tool, Incorporated) on January 1,
The annual reporting perlod ends December 31. The trlal balance on January 1,2021, follows (the amounts are
rounded to thousands of dollars to simplify):
Transactions and events during 2021(summarlzed 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 bullding site; pald cash, $7.
c. Issued additional shares of common stock on April 3 for $34.
d. Purchased software on July 4, $12 cash.
e. Recelved supplies on account on October 5 for future use, $17.
f. Pald accounts payable on November 6,$14.
g. Signed a $30 service contract on November 7 to start February 1,2022.
h. Recorded revenues of $140 on December 8, Including $30 on credit and $110 collected in cash.
I. Recognized salarles and wages expense on December 9,$75 pald in cash.
j. Collected accounts recelvable on December 10,$14.
Data for adjusting journal entrles as of December 31:
k. Unrecorded amortization for the year on software, $5.
I. Supplies counted on December 31,2021, $11.
m. Depreclation for the year on the equipment, $7.
n. Interest of $2 to accrue on notes payable.
o. Salarles and wages earned but not yet paid or recorded, $13.
p. Income tax for the year was $9. It will be pald in 2022Required Information
C4-2(Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial
Statements and Closing Journal Entries (Chapters 2,3, and 4)[LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO
4-4,[O 4-5,[O 4-6]
[The following information applies to the questions displayed below.]
Brothers Harry and Herman Hausyerday began operations of thelr machine shop (H&H Tool, Incorporated) on January 1,
The annual reporting perlod ends December 31. The trlal balance on January 1,2021, follows (the amounts are
rounded to thousands of dollars to simplify):
Transactions and events during 2021(summarlzed 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 bullding site; pald cash, $7.
c. Issued additional shares of common stock on April 3 for $34.
d. Purchased software on July 4, $12 cash.
e. Recelved supplies on account on October 5 for future use, $17.
f. Pald accounts payable on November 6,$14.
g. Signed a $30 service contract on November 7 to start February 1,2022.
h. Recorded revenues of $140 on December 8, Including $30 on credit and $110 collected in cash.
I. Recognized salarles and wages expense on December 9,$75 pald in cash.
j. Collected accounts recelvable on December 10,$14.
Data for adjusting journal entrles as of December 31:
k. Unrecorded amortization for the year on software, $5.
I. Supplies counted on December 31,2021, $11.
m. Depreclation for the year on the equipme
image text in transcribed

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

Financial Accounting Cases

Authors: Camillo Lento, Jo-Anne Ryan

3rd Canadian Edition

1119594642, 978-1119594642

More Books

Students also viewed these Accounting questions