onus Points) Saved 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): 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 $ 3 Credit 5 12 0 60 15 Totals $ 95 $ 95 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 $23. d. Purchased software on July 4, $10 cash. e. Purchased supplies on account on October 5 for future use, $18. Paid accounts payable on November 6, $13. g. Signed a $25 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $160 on December 8, including $40 on credit and $120 collected in cash. Recognized salaries and wages expense on December 9, $85 paid in cash. J. Collected accounts receivable on December 10, $24. < Prev 2 3 of 9 Next > Help 2 Part 2 of 9 journal entries as of December 31: k. Unrecorded amortization for the year on software, $5. 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 wages earned but not yet paid or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022. 1 ints eBook 3. Prepare an unadjusted trial balance. (Enter your answers in thousands of dollars.) H&H TOOL, INCORPORATED Unadjusted Trial Balance At December 31, 2021 Print (in thousands) Account Titles Debit Credit Cash $ 65 References Accounts Receivable. 21 Supplies 30 Land + 9 Equipment Accumulated Depreciation Software 60 6 25 Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable 5 Interest Payable Income Taxes Payable Part 2 of 9 1.11 points H&H TOOL, INCORPORATED Unadjusted Trial Balance At December 31, 2021 (in thousands) Account Titles Debit Credit Cash $ 65 Accounts Receivable 21 Supplies: 30 Land 9. Equipment 60 eBook Accumulated Depreciation Software 6 25 Print 5 References 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 $ 210 $ 11 Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $5. 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 wages earned but not yet paid or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022. 4. Record the adjusting journal entries (k) through (p). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the unrecorded amortization for the year on software, $5. Note: Enter debits before credits. Transaction k. General Journal Debit Credit of 9 5. Prepare an adjusted trial balance. (Enter your answers in thousands of dollars.) Cash H & H TOOL, INCORPORATED Adjusted Trial Balance (in thousands) Account Titles Accounts Receivable Supplies ook rint rences 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. Supplies Expense Depreciation Expense Amortization Expense Interest Expense Debit Credit 5 Part 5 of 9 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Complete this question by entering your answers in the tabs below. 1.11 points Req 6A Req 6B Req 6C eBook Print Prepare an income statement. (Enter your answers in thousands of dollars.) H & H TOOL, INCORPORATED Income Statement (in thousands) References 5 of 9 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Complete this question by entering your answers in the tabs below. Req 6A Req 6B Req 6C Book Prepare the statement of retained earnings. (Enter your answers in thousands of dollars.) H & H TOOL, INCORPORATED Statement of Retained Earnings rint (in thousands) rences Balance, January 1, 2021 Balance, December 31, 2021 < Req 6A Req 6C > 9 ces 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Complete this question by entering your answers in the tabs below. Req 6A Req 6B Req 6C Prepare the balance sheet. (Enter your answers in thousands of dollars. Amounts to be deducted should be indicated by a minus sign.) H&H TOOL, INCORPORATED Equipment Balance Sheet (in thousands) 7. Prepare the closing journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Rew account field. Enter your answers in thousands of dollars.) 9 View transaction list Journal entry worksheet < 1 Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. Transaction A es General Journal Debit Credit Record entry Clear entry View general journal S 19 nces Required: T accounts. Enter beginning balances and post journal entries from Part 2, the adjusting journal entries from Part 4, and the clos entry from Part 7. (Enter your answers in thousands of dollars.) Cash Accounts Receivable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Debit Beginning Balance Ending Balance Ending Balance Supplies Land Credit Debit Credit Beginning Balance Ending Balance Equipment Accumulated Depreciation Credit Debit Credit Beginning Balance Ending Balance < Prev 7 8 9 of 9 www Next > 9 k ces 8. Prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) H & H TOOL, INCORPORATED Post-Closing Trial Balance (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 Tax Payable Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Supplies Expense Debit Credit < Prev of 9 Mout