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pls help fill in with the correct format please thats provided Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H&H
pls help fill in with the correct format please thats provided
Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H\&H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, follows: Transactions during 2020 follow: a. Borrowed $15,000 cash on a five-year, 8 percent note payable, dated March 1, 2020 . b. Purchased land for a future building site; paid cash, $13,000. c. Earned $215,000 in revenues for 2020 , including $52,000 on credit and the rest in cash. d. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1,2020 . e. Incurred $89,000 in wages expense and $25,000 in miscellaneous expenses for 2020 , with $20,000 on credit and the rest paid in cash. f. Collected accounts receivable, $34,000. g. Purchased other assets, $15,000 cash. h. Purchased supplies on account for future use, $27,000. 1. Paid accounts payable, $26,000. j. Signed a three-year $33,000 service contract to start February 1, 2021 k. Declared cash dividends on December 1,$25,000, which were paid by December 31. [Hint: Prepare two entries.] Data for adjusting entries: 1. Supplies counted on December 31, 2020, $18,000. n. Depreciation for the year on the equipment, $10,000. n. Interest accrued on notes payable (to be computed) o. Wages earned by employees since the December 24 payroll but not yet paid, $16,000. p. Income tax expense $11,000, payable in 2021 Adjusted your answer for c. as a whole percentage rounde Step by Step Solution
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