Required Information C4-2 (Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and...

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Required Information C4-2 (Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6] [The following information applies to the questions displayed below] 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): Account Titles Cash Debit $2 Credit Accounts Receivable 6 Supplies 13 Land Equipment 67 Accumulated Depreciation $5 Software 21 Accumulated Amortization 7 Accounts Payable 4 Notes Payable (short-term) e 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 B 84 9 $ 100 $109 Transactions and events during 2021 (summarized in thousands of dollars) follow: C 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. 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 $174 on December 8, including $47 on credit and $127 collected in cash. i. Recognized salaries and wages expense on December 9, $92 paid in cash. J. Collected accounts receivable on December 10, $31. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $7. 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. 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 2022. View transaction list Journal entry worksheet < 1 Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. Transaction A General Journal Debit Credit Record entry Clear entry View general journal Prav 9 Required Information C4-2 (Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6] [The following information applies to the questions displayed below] 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): Account Titles Cash Debit $2 Credit Accounts Receivable 6 Supplies 13 Land Equipment 67 Accumulated Depreciation $5 Software 21 Accumulated Amortization 7 Accounts Payable 4 Notes Payable (short-term) e 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 B 84 9 $ 100 $109 Transactions and events during 2021 (summarized in thousands of dollars) follow: C 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. 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 $174 on December 8, including $47 on credit and $127 collected in cash. i. Recognized salaries and wages expense on December 9, $92 paid in cash. J. Collected accounts receivable on December 10, $31. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $7. 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. 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 2022. View transaction list Journal entry worksheet < 1 Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. Transaction A General Journal Debit Credit Record entry Clear entry View general journal Prav 9