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Transactions and events during 2018 (summarized in thousands of dollars) follow: 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 $31. 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, 2019 h. Recorded revenues of $146 on December 8, including $33 on credit and $113 collected in cash. 1. Recognized salaries and wages expense on December 9, $78 paid in cash. 1. Collected accounts receivable on December 10, $17. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $7. 1. Supplies counted on December 31, 2018, $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 2019. 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, INC Balance Sheet At December 31, 2018 (in thousands) Assets Liabilities Current Assets Current Liabilities Cash Accounts Receivable Supplies 0 Total Current Assets Land Equipment 0 0 Total Assets $ O 0 Transactions and events during 2018 (summarized in thousands of dollars) follow: 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 $31. 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, 2019 h. Recorded revenues of $146 on December 8, including $33 on credit and $113 collected in cash. 1. Recognized salaries and wages expense on December 9, $78 paid in cash. 1. Collected accounts receivable on December 10, $17. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $7. 1. Supplies counted on December 31, 2018, $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 2019. 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, INC Balance Sheet At December 31, 2018 (in thousands) Assets Liabilities Current Assets Current Liabilities Cash Accounts Receivable Supplies 0 Total Current Assets Land Equipment 0 0 Total Assets $ O 0
