Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please let me know what to fill these t charts in completed. Brothers Harry and Herman Hausyerday began operations of their machine shop (H &
Please let me know what to fill these t charts in completed.
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) Account Titles Cash Accounts Receivable Supplies Debit Credit 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 Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals 9e $113 $113 Transactions and events during 2018 (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, S18 f Paid accounts payable on November 6, $13. g Signed a $25 service contract on November 7 to start February 1, 2019 Recorded revenues of $178 on December 8, including $49 on credit and $129 collected in cash. i Recognized salaries and wages expense on December 9, $94 paid in cash. . 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 Supplies counted on December 31, 2018. $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 2019. 1, 3, 3 and 8. Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the tra adjusting entries (k)-(p) and closing entry. (Enter your answers In thousands of dollars.) Cash Accounts Receivable Beg. Bal. Beg. Bal. End. Bal. End. Bal Supplies Land Beg. Bal Beg. Bal. End. Bal. End. Bal Equipment Accumulated Depreciation Beg. Bal. Beg. Bal. End. Bal. End. Ball Software Accumulated Amortization Beg. Bal. Beg. Ball End. Bal. End. Bal Accounts Payable Notes Payable (short-term) alanes and wages ayable nterest Payaole Beg. Bal Beg. Bal. End. Bal. End. Bal. Income Tax Payable Common Stock Beg. Bal Beg. Bal End. Bal. End. Bal. Retained Earnings Service Revenue Beg. Bal Beg. Bal. End. Bal. End. Bal. Salaries and Wages E Beg. Bal Beg. Bal End. Bal. End. Bal. Beg. Bal Beg. Bal End. Bal. End. Bal. Beg. Bal Beg. BalStep 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