Closing Entry Help Brothers Mike and Tim Hargen began operations of their tool and die shop (H H Tool, Inc) on January 1, 2016 The annual reporting period ends December 31 The trial balance on January 1, 2017, follows Account Titles Credit Debit 0,000 9,000 8,000 Cash Accounts recelvable Supplies Land Equlpment Accumulated depreclation (on equipment) Other assets (not detalled to simplify) Accounts payable Wages payable Interest payable Income taxes payable Long term notes payable Common stock (8,000 shares, S 50 par value) Additonal paid in capltal Retained earnings Service revenue Depreclatlion expense Supples expense Wages expense Interest expense Income tax expense Remalning expenses (not detalled to simplify) 85 000 15,000 7 000 4 000 87000 23,000 Totals 129,000 129,000 Transactions during 2017 follow a Borrowed $15,000 cash on a 5 year, 8 percent note payable, dated March 1, 2017 b Purchased land for a future building site on March 15, 2017 paid cash, $18,000 c Earned $271,000 in revenue Transactions dated August 30, 2017, including $56,000 on credit and the rest in cash d Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2017 e Incurred $128,000 in remaining expenses for 2017, invoices dated October 15, 2017, including $27,000 on credit and the rest paid in cash f Collected accounts receivables on November 10, 2017, $41000 g Purchased other assets on November 15, 2017, $18,000 cash h Purchased supplies on account for future use on December 1, 2017, $30 000 Paid accounts payable on December 15, 2017, $28,000 j Signed a three year $36,000 service contract on December 17, 2017 to start February 1 2018 k Declared and paid cash dividends on December 20, 2017, $28,000 Data for acjusting entries L Supplies counted on December 31, 2017, $21 000 m Depreciation for the year on the equipment, $17,000 n Interest accrued on notes payable (to be computed) o Wages earned by employees since the December 24 payroll but not yet paid, $20,000 p Income tax expense, $16,000, payable in 2018

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Closing Entry Help  Brothers Mike and Tim Hargen began operations of their tool and die shop (H   H Tool, Inc) on January 1, 2016  The annual reporting period ends December 31  The trial balance on January 1, 2017, follows  Account Titles Credit Debit 0,000 9,000 8,000 Cash Accounts recelvable Supplies Land Equlpment Accumulated depreclation (on equipment) Other assets (not detalled to simplify) Accounts payable Wages payable Interest payable Income taxes payable Long term notes payable Common stock (8,000 shares, S 50 par value) Additonal paid in capltal Retained earnings Service revenue Depreclatlion expense Supples expense Wages expense Interest expense Income tax expense Remalning expenses (not detalled to simplify) 85 000 15,000 7 000 4 000 87000 23,000 Totals 129,000 129,000 Transactions during 2017 follow a  Borrowed $15,000 cash on a 5 year, 8 percent note payable, dated March 1, 2017 b  Purchased land for a future building site on March 15, 2017  paid cash, $18,000  c  Earned $271,000 in revenue  Transactions dated August 30, 2017, including $56,000 on credit and the rest in cash  d Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2017 e  Incurred $128,000 in remaining expenses for 2017, invoices dated October 15, 2017, including $27,000 on credit and the rest paid in cash  f  Collected accounts receivables on November 10, 2017, $41000 g  Purchased other assets on November 15, 2017, $18,000 cash  h  Purchased supplies on account for future use on December 1, 2017, $30 000  Paid accounts payable on December 15, 2017, $28,000  j Signed a three year $36,000 service contract on December 17, 2017 to start February 1  2018  k Declared and paid cash dividends on December 20, 2017, $28,000  Data for acjusting entries  L Supplies counted on December 31, 2017, $21 000  m Depreciation for the year on the equipment, $17,000  n Interest accrued on notes payable (to be computed)  o  Wages earned by employees since the December 24 payroll but not yet paid, $20,000  p  Income tax expense, $16,000, payable in 2018

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Closing Entry Help! Brothers Mike and Tim Hargen began operations of their tool and die shop (H & H Tool, Inc) on January 1, 2016.

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