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): 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 bullding site; poid cash, $9. c. Issued additional shares of common stock on April 3 for $26. 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 building 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. f. Paid accounts payable on November 6,$13. g. 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. j. Collected accounts receivable on December 10,$22. 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,$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 2 Required: 2. Record journal entries for transactions (a) through (). (If no entry is required for a transaction/event, select "No Journal 2. Record journal entries for transactions (a) through (). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) Journal entry worksheet 2. kecora journal entries ror transactions (a) througn U ). (ir no entry is re Required" in the first account field. Enter your answers in thousand 1 Record $12 cash borrowed on March 1 using a short-term note. 2 Record land purchased on March 2 for future building site; paid cash, $9. 3 Record additional shares of common stock issued on April 3 for $26. 4. Record software purchased on July 4, $10 cash. 5 Record supplies purchased on account on October 5 for future use, $18. 6 Record accounts payable paid on November 6,513 . Note : - journal entry has been entered kecora journai entries tor transactions (aj mrougn u). ir no entry is requireo Required" in the first account field. Enter your answers in thousands of do future use, $18. 10 6. Record accounts payable paid on November 6,$13. 7. Record the $25 service contract signed on November 7 to start February 1, 2022. 8 Record revenues of $156 on December 8 , induding $38 on credit and $118 collected in cash. Credit 9 Record salaries and wages expense recognized on December 9,583 paid in cash. to Record accounts receivable collected on December 10, $22. Note : - - journal entry has been entered
