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How do i do a closing journal entry with revenues and expenses included? How do i do an analysis and statement of retained earnings? does
How do i do a closing journal entry with revenues and expenses included? How do i do an analysis and statement of retained earnings? does this help? 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 $12 cash on March 1 using a short-term note b. Purchased land on March 2 for future building site; paid cash, $9 c. Issued additional shares of common stock on April 3 for $26 d. Purchased software on July 4,$10 cash e. Purchased supplies on account on October 5 for future use, $18 f Paid accounts payable on November 6,$13 9. Signed a $25 service contract on November 7 to start February 1,2022 h Recorded revenues of $166 on December 8 , including $43 on credit and $123 collected in cash. i. Recognized salaries and wages expense on December 9.$88 paid in cash. j Collected accounts receivable on December 10,$27. Data for adjusting journal entries as of December 31 : k Unrecorded amortization for the year on software, $8 1. Supplies counted on December 31, 2021, \$10. m Depreciation for the year on the equipment, $6. n. Interest of $1 to accrue on notes payable o Salaries and waces eamed but not vet oaid or recorded. $12 (Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100 )). Prepare the journal entries to record transactions (a) through (j). Then prepare the necessary adjusting entries (k) through (p) to correctly report net income for the period. Then record the closing entry as of December 31 . (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld.)
How do i do a closing journal entry with revenues and expenses included? How do i do an analysis and statement of retained earnings?
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