Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls complete journal entry 7-10! thanks Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Incorporated) on January 1

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
pls complete journal entry 7-10! thanks
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): Transactions and events during 2021 (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 $30. 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. 2022. h. Recorded revenues of $148 on December 8 , including $34 on credit and $114 collected in cash. i. Recognized salaries and wages expense on December 9.$79 paid in cash. j. Collected accounts receivable on December 10,$18. Data for adjusting journal entries as of December 31 : k. Unrecorded amortization for the year on software, \$6. 1. Supplies counted on December 31, 2021, \$12. m. Depreciation for the year on the equipment, $5. n. Interest of $1 to accrue on notes payable. 0. Salaries and wages eamed but not yet paid or recorded, $11. p. Income tax for the year was $7. It will be paid in 2022 . 7 Record the $20 service contract signed on November 7 to start February 1, 2022. 8 Record revenues of $148 on December 8 , including $34 on credit and $114 collected in cash. 9 Record salaries and wages expense recognized on December 9,$79 paid in cash. 10 Record accounts receivable collected on December 10 , $18. Record the $20 service contract signed on November 7 to start February 1 , 2022. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: James Jiambalvo

4th edition

9780470546888, 9780470333341, 470546883, 470333340, 978-0470578797

More Books

Students also viewed these Accounting questions