Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please HELP!!!! Cash Required information C4-2 (Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3,
Please HELP!!!!
Cash Required information 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): Account Titles Debit Credit $ 3 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 Ravenue Salaries and Wages Expense Depreciation Expense Amortization Expenso Income Tax Expense Interest Expense 5 12 0 69 24 4 S 0 0 0 0 90 8 OOOOOO 9 90 8 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals 0 0 0 0 0 0 0 $ 113 $ 113 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. Pald accounts payable on November 6, $13. g. Signed a $25 service contract on November 7 to start February 1, 2022 h. Recorded revenues of $178 on December 8, including $49 on credit and $129 collected in cash. 1. Recognized salaries and wages expense on December 9, $94 paid in cash. J. Collected accounts receivable on December 10, $33. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $4. 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 Required information Answer is complete but not entirely correct. Credit H&H TOOL, INCORPORATED Post-Closing Trial Balance At December 31, 2021 (in thousands) Account Titles Debit Cash $ 74 Accounts Receivable 21 Supplies 10 Land 9 Equipment 69 Accumulated Depreciation Software 34 Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings 12 8 10 12 12 1 8 113 33 Step 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