COMP4-1 (Static) Recording Transactions (Including Adjusting and Closing Entries), Preparing Financial Statements, and Performing Ratio Analysis LO4-1, 4-2, 4-3, 4-4 (GL) Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H&H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, follows: Credit 8,000 H & H Tool, Inc. Trial Balance on January 1, 2020 Debit Cash 6,000 Accounts receivable 5,000 Supplies 13,000 Land Equipment 78,000 Accumulated depreciation (on equipment) Other noncurrent assets (not 7,000 detailed to simplify) Accounts payable Wages payable Interest payable Dividends payable Income taxes payable Long-term notes payable Common stock (8,000 shares, $0.50 par value) Additional paid-in capital Retained earnings Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) Totals 109,000 4,000 80,000 17,000 109,000 Transactions during 2020 follow: a. Borrowed $15,000 cash on a five-year, 8 percent note payable, dated March 1, 2020. 2. Purchased land for a future building site; paid cash, $13,000. c. Earned $215,000 in revenues for 2020, including $52,000 on credit and the rest in cash. 1. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020. e. Incurred $89,000 in wages expense and $25,000 in miscellaneous expenses for 2020, with $20,000 on credit and the rest paid in cash. f. Collected accounts receivable, $34,000. 3. Purchased other assets, $15,000 cash. 1. Purchased supplies on account for future use, $27,000. i. Paid accounts payable, $26,000. j. Signed a three-year $33,000 service contract to start February 1, 2021. <. declared cash dividends on december which were paid by prepare two entries. data for adjusting entries: supplies counted depreciation the year equipment interest accrued notes payable be computed wages earned employees since payroll but not yet income tax expense in journal entries transactions. no entry is required a transaction select first account field. view list worksheet> Borrowed $15,000 cash on a five-year, 8 percent note payable, dated March 1, 2020. Note: Enter debits before credits. Transaction General Journal Debit Credit March 01, 2020 Record entry Clear entry View general journal You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Unadjusted H & H Tool, Inc. Trial Balance December 31, 2020 Account Title Debit Credit Cash $ Accounts receivable 6,000 5,000 13,000 78,000 Supplies Equipment Accumulated depreciationequipment 8,000 or Other assets 7,000 Common stock Additional paid-in capital Retained earnings 4,000 80,000 17,000 109,000 Total $ 109,000 $ Use the drop-downs below to select the accounts that should be properly included on the incom compute earnings per share. The unadjusted or adjusted balances will appear for each account, based on drop-downs. (Round your Earnings per share answer to 2 decimal places.) Unadjusted H & H Tool, Inc. Income Statement For the Year Ended December 31, 2020 Operating revenues: Operating expenses: Total operating expenses 0 0 Other item: 0 Net income $ 0 Earnings per share Use the drop-downs to select the accounts that should be properly included on the statement of stockholders' equity and enter the appropriate amounts. (Amounts to be deducted should be indicated with a minus sign.) H & H TOOL, INC. Statement of Stockholders' Equity For the Year Ended December 31, 2020 Additional Common Paid-in Stock Capital Retained Earnings Total Stockholders' Equity $ 0 Balance, January 1, 2020 0 0 0 Balance, December 31, 2020 $ 0 $ o $ O $ 0 adjusted, or post-closing balances in the General Ledger. Unadjusted General Ledger Account Cash Accounts receivable No. Debit Credit Balance No. Debit Credit Balance Date January 01, 2020 Date January 01, 2020 6,000 5,000 Supplies Equipment No. Debit Credit Balance No. Debit Credit Balance Date January 01, 2020 Date January 01, 2020 13,000 78,000 Accumulated depreciation equipment Other assets No. Debit Credit Balance No. Debit Credit Balance Date January 01, 2020 Date January 01, 2020 8,000 7,000 Common stock No. Date Debit Credit Balance No. Additional paid-in capital Date Debit Credit January 01, Balance January 01, 2020 4,000 2020 80,000 Retained earnings No. Debit Credit Balance Date January 01, 2020 17.000