Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Inlcuded are two photos with my quesiton. 3 $ 5 Required information [The following information applies to the questions displayed below.] Brothers Harry and Herman
Inlcuded are two photos with my quesiton.
3 $ 5 Required information [The following information applies to the questions displayed below.] Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows the amounts are rounded to thousands of dollars to simplify: Account Titles Debit Credit Cash Accounts Receivable Supplies 13 Land Equipment 78 Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Connon Stock Retained Earnings 9 Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals $106 $106 15 5 4 3 83 3 3 3 3 3 3 Transactions and events during 2018 (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: pald cash. 58. c. Issued additional shares of common stock on April 3 for $24. d. Purchased software on July 4, $11 cash. e Purchased supplies on account on October 5 for future use. $19. f. Pald accounts payable on November 6. $12. 9. Signed a $20 service contract on November 7 to start February 1, 2019. h. Recorded revenues of $180 on December 8, Including $50 on credit and $130 collected in cash. 1. Recognized salaries and wages expense on December 9. $95 paldi in cash. J. Collected accounts recelvable on December 10, $34. Data for adjusting Journal entries as of December 31: k. Unrecorded amortization for the year on software. $5. Supplies counted on December 31, 2018. $12 m. Depreciation for the year on the equipment. $5. 17. 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 2019. 3. Prepare an unadjusted trial balance. (Enter your answers in thousands of dollars.) H&H TOOL, INC Unadjusted Trial Balance Debit Credit (in thousands) 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 Taxes Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense Totals $ 0 $ 0Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started