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help me please Brothers Harry and Herman Hausyerday began operations of their machine shop ( H&H Tool, incorporated on January 1,2020 . The annual reporting
help me please
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 $11 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site: paid cash, $8. c. Issued additional shares of common stock on April 3 for $27. d. Purchased software on July 4 , $11 cash. e. Purchased supplies on account on October 5 for future use, $19, f Paid accounts payable on November 6,$12. g. Signed a $20 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $168 on December 8 , including $44 on credit and $124 collected in cash. 1. Recognized salaries and wages expense on December 9,$89 paid in cash. 1. Collected accounts recelvable on December 10, $28. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, \$4. 1. Supplies counted on December 31, 2021, \$12. m. Depreciation for the year on the equipment, $5. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $13. p. Income tax for the year was $7. It will be paid in 2022. Prepare the journal entries to record transactions (a) through (g). Then prepare the necessary adjusting entries ( k ) correctly report net income for the period. Then record the closing entry as of December 31 . (If no entry is required transaction/event, select "No Joumal Entry Required" In the first account field.) Journal entry worksheet Borrowed $11 cash on March 1 using a short-term note. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 110 Record the necessary dosing entry. Combine the dosing of revenue and expenses into one entry. Note: Enter debits before credits Step by Step Solution
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