Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please do the journal entries for k-p C4-2 (Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters

please do the journal entries for k-p
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
C4-2 (Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6] [The following information applies to the questions displayed below] 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 $13 cash on March 1 using a short-term note. 1 Record the unrecorded amortization for the year on software, $5. 2 Record the adjusting entry for supplies counted on December 31, 2021 for $11. 3 Record the adjusting entry for depreciation for the year on the equipment, $7. 4 Record the adjusting entry for accrued interest for $2 on notes payable. 5 Record the adjusting entry for salaries and wages earned but not paid for $13. Note : C= journal entry has been entered Journal entry worksheet 23456 Record the unrecorded amortization for the year on software, $5. Note: Enter debits before credits. 2 Record the adjusting entry for supplies counted on December 31,2021 for $11. 3 Record the adjusting entry for depreciation for the year on the equipment, $7. 4 Record the adjusting entry for accrued interest for $2 on notes payable. 5 Record the adjusting entry for salaries and wages earned but not paid for $13. 6 Record the adjusting entry for income tax for the year was \$9. It will be paid in 2022 . Note : P= journal entry has been entered a. Borrowed $13 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $7. c. Issued additional shares of common stock on April 3 for $34. d. Purchased software on July 4,$12 cash. e. Purchased supplies on account on October 5 for future use, \$17. f. Paid accounts payable on November 6,$14. g. Signed a $30 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $140 on December 8 , including $30 on credit and $110 collected in cash. i. Recognized salaries and wages expense on December 9,$75 paid in cash. f. Collected accounts receivable on December 10, $14. 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, \$11. m. Depreciation for the year on the equipment, $7. n. Interest of $2 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $13. p. Income tax for the year was $9. It will be paid in 2022 . 4-2 (Algo) Part 4 equired: 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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Holding Company Audit Compliance And Risk Management

Authors: Anthony Ludovic Assassa

1st Edition

6206122727, 978-6206122722

More Books

Students also viewed these Accounting questions

Question

Write a note on job design.

Answered: 1 week ago

Question

Compute the derivative of f(x)cos(-4/5x)

Answered: 1 week ago

Question

Discuss the process involved in selection.

Answered: 1 week ago

Question

Differentiate tan(7x+9x-2.5)

Answered: 1 week ago