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NOOOOON 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 simplity: Account Titles Debit Credit Cash $ 4 Accounts Receivable 4 Supplies 11 Land 8 Equipment 62 Accumulated Depreciation 5.7 Software 18 Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Incont Tax Payable Como Stock Retained Earnings Service Revenue Salaries and waites Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totats $99 5.99 Transactions and events during 2021 (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, 57 c. Issued additional shares of common stock on April 3 for $25 d Purchased software on July 4, 512 cash e Purchased supplies on account on October 5 for future use. $17 Paid accounts payable on November 6, 514 g. Signed a $30 service contract on November 7 to start February 1 2022 n Recorded revenues or $164 on December 8, including $42 on credit and $122 collected in cash 1. Recognized salaries and wages expense on December 9.587 paid in cash 1 Collected accounts receivable on December 10, $26 Data for adjusting Journal entries as of December 31 k Unrecorded amortization for the year on software 57 Supplies counted on December 31, 2021, $11 m Depreciation for the year on the equipment, 57 n. Interest of $2 to accrue on notes payable o. Salaries and wages earned but not yet paldot recorded, $11 pincome tax for the year was $9. It will be paid in 2022 0 0 View transaction list Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings. Note Enter debits before credits General Journal Debit Credit Transaction Record entry Clear entry View general Journal H&H TOOL, INCORPORATED Post-Closing Trial Balance (in thousands) Account Titles Debit Credit 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 Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals $ 05 0 Credit 14 -5 H&H TOOL, INCORPORATED Adjusted Trial Balance At December 31, 2021 (in thousands) Account Titles Debit Cash S70 Accounts Receivable 20 Supplies 11 Land Equipment 62 Accumulated Depreciation Software 30 Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest yable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 98 Supplies Expense 17 Depreciation Expense 7 Amortization Expense Interest Expense 2 Income Tax Expense Total S 340 s 14 9 13 11 2 9 97 7 164 9 340
