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please help me set up the T-accounts the same way it's shown Transactions and events during 2018 (summarized in thousands of dollars) follow: a. Borrowed
please help me set up the T-accounts the same way it's shown
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; paid cash, $8 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. Paid accounts payable on November 6, $12. g.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. Recognized salaries and wages expense on December 9, $95 paid in cash j.Collected accounts receivable on December 1O, $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 n. 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. Cash Accounts Receivable Beg. Bal Beg. Bal 2 7 6 19 11 (d) 12 ( 95 0) 13 (h) (a) (c) (h) 50 24 130 End. Bal 37 17 End. Bal. 61 Supplies Land Beg. Bal Beg. Bal 13 8 19 (e) End. Bal End. Bal 32 Accumulated Depreciation Equipment 70 Beg. Bal. Beg. Bal 5 End. Bal. End. Bal 70 Software Accumulated Amortization Beg. Bal Beg. Bal 15 (d) 11 LO. Co Salaries and Wages Expense Depreciation Expense Beg. Bal Beg. Bal. 0 0 End. Bal End, Bal. Income Tax Expense Amortization Expense Beg. Bal Beg. Bal 0 End. Bal. 0 End, Bal. Interest Expense Supplies Expense Beg. Bal Beg. Bal 0 End. Bal. End. Bal 0 0 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) Debit Credit Account Titles $ Cash 2 Accounts Receivable 6 Supplies 13 Land 0 Equipment Accumulated Depreciation Software Accumulated Amortization 70 $ 5 15 5 Accounts Payable Notes Payable (short- term) Salaries and Wages Payable Interest Payable Income Tax Payable 4 Common Stock 83 Retained Earnings 9 Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense 0 0 Supplies Expense $106 $106 TotalsStep by Step Solution
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