C4.2 From Recording Transactions (lecluding Adlosting Journal Entries) to Preparing Financial L0 2.3, 3.3,4.1, Statements and Closing Journal Eetries (Chapters 2, 3, and 4) Broters Harry and Herman Hassyerday began operaions of their macthine shop (H \& H Tool, Inc.) on January I. 2020. The ansual reporting period ends December 31. The trial balance on January 1, 2021, fillows (the amouets are nunded to thousants of dollars to simplify.) Transactions and events during 2021 (wmmarized in thopsands of dotlarsy follow: a. Borrowed S12 each on March t using a shon teru note. b. Pechased land on March 2 for finare brilaing site: paid cast, 59 . c. lssued additiceal shares of common sock on April 3 for S21. d. Perchused softuare on Jhly 4,510 cash. e. Purchased applies on account on O ctober 5 for fotare ase, $18. f. Paid accoumts payable on November 6.513 . 8. Siged a $25 service comeract on November 7 no saan Feberary 1, 2022 h. Recorded fevenues of $160 on Decenter 8 , including $40 on cretit and $120 oo in cach. L. Resognired salarios and wages expense on Deember 9,585 paid in eash. i. Colectod aceounts receivable on December 10.524 Data for aljasting jeurnal entries as of December 31: k. Unrocorded amortization for the year on software. 55 . L. Supplies counted on December 31,2021,510. im. Deprociation for the year on the eguipment, 56 . n. Interes of $1 waccue on sxtes payable. a Salaries and wages eamed but not yet paid or recorded, 512 a. lisonse tas for the year was $8, It will be paid in 2022 . Requiredt 1. Set ip T-acoonoss for the accouss on the trial balance and enter bepinaing talancen we completing ilin problem in Conect wiof the general ledper lool, this rocuirement completied fic you 2. Recond journal entries for ransactions (a) through (0). A. Preparation of the following: 1. Journal Entry 2. Adjusting Journal Entry 3. Adjusted Trial Balance 4. Income Statement 5. Statement of Retained Earnings 6. Balance Sheet 7. Closing Entries 8. Post-Closing Trial Balance B. Financial Statement Analysis Here, you will have the opportunity to demonstrate your understanding of the topics covered in the previous weeks: Instructions: To complete the requirements for final assessment, refer to the H&H Tool, Inc.'s given information from Problem C4-2 in your Textbook (pages 203-204). Remember the following in order to answer the requirements: - Do not include the dollar sign - Do not include the penny value. Round the numbers to the nearest whole number - Use commas to separate numbers/amounts/balances greater than 999. Example: 1,850 - If your answer is negative, place the amount in parenthesis/bracket. Example: (2,550)
