Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

prepare unadjusted trial balance please. LIne ioowitg NoTauoi appwes io tue quesioris uispiayeu veiow Brothers Harry and Herman Hausyerday began operations of their machine shop

prepare unadjusted trial balance please. image text in transcribed
image text in transcribed
LIne ioowitg NoTauoi appwes io tue quesioris uispiayeu veiow 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): Debit Credit $ 4 AcCount Titles Cash Accounts Receivable Supplies Land 4 11 Equipment ACcumulated Depreciation software Accumulated Amortization ACCounts Payable Notes Payable (short-term) Salaries and wages Payable Interest Payable Income Tax Payable Common Stock 62 18 Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense supplies Expense e Totals $99 $99 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, pald cash, $7 c. Issued additional shares of common stock on April 3 for $25 d Purchased software on July 4, $12 cash. e Purchased supplies on account on October 5 for future use, $17 f Pald accounts payable on November 6, $14 g Signed a $30 service contract on November 7 to start February 1, 2019 h Recorded revenues of $164 on December 8. Including $42 on credit and $122 collected in cash. L Recognized salaries and wages expense on December 9, $87 pald in cash. Collected accounts recelvable on December 10, $26 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, $1 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 pald or recorded, $11. p. Income tax for the year was $9. It will be pald in 2019. Th UeeLIQUU JU ti re yeai un u re equipren, n. Interest of $2 to accrue on notes payable. O. Salaries and wages earned but not yet paid or recorded, $11. p. Income tax for the year was $9. It will be pald in 2019 3. Prepare an unadjusted trial balance. (Enter your answers In thousands of dollars.) H&H TOOL, INC. Unadjusted Trial Balance For the Year Ended December 31, 2018 (in thousands) Account Titles Debit Credit Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-lerm) Salaries and Wages Payable interest Payable income Taxes Payable Common Stock Retained Eamings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense Totals $ 0

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

Intermediate accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

7th edition

978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094

More Books

Students also viewed these Accounting questions