Help COMP4-1 (Static) Recording Transactions (Including Adjusting and Closing Entries), Preparing Financial Statements, and Performing Ratio Analysis L04-1, 4-2, 4-3, 4-4 (GL) Brothers Mike and Tim Hargenrater began operations of thelr 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: & Tool, The Trial Balance on January 1, 2020 Canh Debit Ceed 6,000 Accounts receivable 5,000 Supplies 13.000 Land Equipment 78,000 Accumulated depreciation on equipment) 0.000 Other noncurrent assets (not detailed to simplify 7,000 Recounts payable Wagon payable Interest payable Dividenda payable Income taxes payable Long-term notes payable Common stock (8,000 shares, $0.50 par value) 4,000 80,000 Additional paid-in capital 17.000 Tetained earnings Service revenue Depreciation expense Supplies expense Wagen expense Internet expense Income tax expense Miscellaneous expenses (not detailed to simplify) 109,000 109,000 Total Transactions during 2020 follow: heter March 1909 Hol ULL Transactions during 2020 follow: a. Borrowed $15,000 cash on a five-year, 8 percent note payable, dated March 1, 2020 b. Purchased land for a future bullding site; paid cash, $13,000. c. Earned $215,000 in revenues for 2020, including $52,000 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, 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. t. Collected accounts receivable, $34,000. g. Purchased other assets, $15,000 cash. h. Purchased supplies on account for future use. $27,000 1. Pald accounts payable, $25,000 J. Signed a three-year $33,000 service contract to start February 1, 2021, k. Declared cash dividends on December 1, $25,000, which were paid by December 31, [Hint Prepare two entries.] Data for adjusting entries: Supplies counted on December 31, 2020, $18,000 n. Depreciation for the year on the equipment, $10,000. n. Interest accrued on notes payable to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid $16,000. p. Income tax expense, $11,000, payable in 2021. Requirement General Journal General Ledger Trial Balance Income Statement Statement of SE Balance Sheet Stmnt of Cash Flows Analysis Prepare journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction ist Next > Requirement General Journal General Ledger Tial Balance Income Statement Statement of SE Balance Sheet Stmt of Cash Flows Analysis Prepare journal entries for transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 5 6 7 8 18 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 Prov 1 of 2 Next > Journal entry worksheet View transaction list Journal entry worksheet Journal entry worksheet Journal entry worksheet Journal entry worksheet Journal entry worksheet Prev 1 of 2 Journal entry worksheet Journal entry worksheet Prev 1 of 2 Journal entry worksheet 1 5 6 7 8 9 10 18 Signed a three-year $33,000 service contract to start February 1, 2021. Note: Enter debits before credits. Debit Credit Transaction General Journal December 17, 2020 View general journal Clear entry Record entry Next > Prev 1 of 2 Journal entry worksheet Prov Journal entry worksheet 1 7 8 9 10 11 12 18 Paid the declared dividends. Note: Enter debits before credits General Journal Dobit Credit Transaction December 31, 2020 View general Journal Clear entry Record entry Prev 1 of 2 Next > Journal entry worksheet 1 of 2 View transactions Journal entry worksheet 10 11 12 13 14 18 Depreciation for the year on the equipment, $10,000. Record any adjusting entry. Note: Enter debits before credits General Journal Dobit Credit Transaction December 31, 2020 Record entry Clear entry View general journal Prev 1 of 2 Next > Journal entry worksheet ry worksheet Journal entry worksheet 1 11 12 13 14 15 16 17 18 Record the adjusting entry for Income tax expense, $11,000, payable in 2021. Note: Enter debits before credits General Journal Dobit Credit Transaction December 31, 2020 View general journal Record entry Clear entry Prey 1 of 2 Next > View transaction list Journal entry worksheet
