Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

record the journal entry from A to J ( there is 10) then T accounts unadjusted trial balance journal entry for k- P (6 of

image text in transcribed

image text in transcribed

record the journal entry from A to J ( there is 10) then T accounts unadjusted trial balance journal entry for k- P (6 of them) adjusted trial balance income statement retained earnings balance sheet

image text in transcribed

what is this ( the picture)? post closing trial balance

image text in transcribed

image text in transcribed

image text in transcribed

Supplies 64 5 18 Software 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 Debit Credit Cash $ 2 Accounts Receivable 6 13 Land Equipment Accumulated Depreciation $ Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable income Income Tax Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals $103 $103 4 4 9 Payable Common stoc 81 9 3 Transactions and events during 2018 (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 $27 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, 2019. h. Recorded revenues of $168 on December 8, including $44 on credit and $124 collected in cash. 1. Recognized salaries and wages expense on December 9, $89 paid in cash. j. Collected accounts receivable on December 10, $28. Data for adjusting journal entries as of December 31 k Unrecorded amortization for the year on software, $4. 1. Supplies counted on December 31, 2018, $12. m. Depreciation for the year on the equipment, $5. to start February 1, 2019. h. Recorded revenues of $168 on December 8, including $44 on credit and $124 collected in i. Recognized salaries and wages expense on December 9, $89 paid in cash. j. Collected accounts receivable on December 10, $28. Data for adjusting journal entries as of December 31 k. Unrecorded amortization for the year on software, $4 1. Supplies counted on December 31, 2018, $12. m. Depreciation for the year on the equipment, $5. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $13. p. Income tax for the year was $7. It will be paid in 2019. uired: ecord journal entries for transactions (a) through (). (If no entry is required for equired" in the first Journal entry worksheet A Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Reg 9B Reg 90 How much net income did H & H Tool, Inc., generate during 2018? Wh thousands of dollars. Round "Net Profit Margin' to 1 decimal place.) Net Income Net Profit Margin % Reg 9A Reg 9B Reg 90 Is the company financed primarily by liabilities or stockholder Stockholders' Equity Liabilities

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

Step: 3

blur-text-image

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

Healthcare Fraud Auditing And Detection Guide

Authors: Rebecca S. Busch

2nd Edition

978-1118179802

More Books

Students also viewed these Accounting questions

Question

Discuss the importance of workforce planning.

Answered: 1 week ago

Question

Differentiate between a mission statement and a vision statement.

Answered: 1 week ago