Hi! I just need help with a couple parts I'm having trouble with.
1. "Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions 1-10, adjusting entries 11-16, and closing entry."
When I check my work through the website it says "answer is not incomplete." I am missing something in some of the fields. I'm guessing the Income Tax Payable and Service Revenue.
2. "Post the journal entries from requirement 2 to T-accounts and prepare an unadjusted trial balance."
The Income Tax Payable and Service Revenue (highlighted in red) are wrong for some reason.
I've played around with them checking the answers and no matter what number I put in (0, 8, etc etc) on both the debit and credit side the website still says it's wrong.
THANK YOU
Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2013. The annual reporting period ends December 31. The trial balance on January 1, 2015, follows (the amounts are rounded to thousands of dollars to simplify) Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Debit Credit $ 3 12 0 52 0 0 67 0 0 0 0 0 Totals $94 $94 Transactions during 2015 (summarized in thousands of dollars) follow: 1. Borrowed $12 cash on a six-month note payable dated March 1, 2015 2. Purchased land for future building site; paid cash, $9 3. Earned revenues for 2015, $144, including $32 on credit and $112 collected in cash. 4 Issued additional shares of stock for $3 5. Recognized salaries and wages expense for 2015, $77 paid in cash. 6. Collected accounts receivable, $16 7. Purchased software, $10 cash 8. Paid accounts payable, $13 9. Purchased supplies on account for future use, $18 10. Signed a $25 service contract to start February 1, 2016 Data for adjusting journal entries: 11. Unrecorded amortization for the year on software, $8. 12. Supplies counted on December 31, 2015, $10 13. Depreciation for the year on the equipment, $6. 14. Accrued interest of $1 on notes payable 15. Salaries and wages earned but not yet paid or recorded, $12 16.Income tax for the year was $8. It will be paid in 2016 No Transaction General Journal Debit Credit Cash 12 Notes Payable (short-term) 12 Land 9 Cash 3 3 Cash 112 Accounts Receivable 32 Service Revenue 144 Cash Common Stock 5 5 Salaries and Wages Expensee Cash Cash 16 Accounts Receivable 16 Software 10 Cash 10 Accounts Payable Cash Supplies 18 Accounts Payable 18 10 10 No Journal Entry Required 3, 5 and 8. Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions 1-10, adjusting entries 11-16, and closing entry. (Enter your answers in thousands of dollars.) Cash Accounts Receivable Beg. Bal Beg. Bal 9 2 77 5 10 13 8 12 32 112 16 End. Bal 21 End. Bal 37 Supplies Land Beg. Bal 12 Beg. Bal 18 End. Bal 30 End. Bal Equipment Accumulated Depreciation-Equipment Beg. Bal 52 Beg. Bal End. Bal 52 End. Bal Software Accumulated Amortization Beg. Bal Beg. Bal 10 End. Bal 32 End. Bal Accounts Payable Notes Payable Beg. Bal 5 Beg. Bal 0 8 13 12 1 1819 End. Bal 10 End. Bal 12 Salaries and Wages Payable Interest Payable Beg. Bal 0 Beg. Bal 114 End. Bal End. Bal Income Tax Payable Common Stock Beg. Bal Beg. Bal 67 8 16 End. Bal End. Bal 70 Retained Earnings Service Revenue Beg. Bal Beg. Bal CE1 144 144 3 End. Bal End. Bal Depreciation Expense Amortization Expense Beg. Bal Beg. Bal End. Bal End. Bal Income Tax Expense Interest Expense Beg. Bal Beg. Bal End. Bal End. Bal Salaries and Wages Expense Supplies Expense Beg. Bal. Beg. Bal. 0 5 End. Bal. End. Bal. 3. Post the journal entries from requirement 2 to T-accounts and prepare an unadjusted trial balance (Enter your answers in thousands of dollars.) H & H TOOL, INC. Unadjusted Trial Balance (in thousands) Account Titles Debit Credit 37 21 30 Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense 52 6 32 10 12 70 0 Totals $258$122
