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): Transactions and events during 2021 (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; paid cash, $7. c. Issued additional shares of common stock on April 3 for $34. d. Purchased software on July 4,$12 cash. e. Purchased supplies on account on October 5 for future use, $17. f. Paid accounts payable on November 6,$14. g. Signed a $30 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $140 on December 8 , including $30 on credit and $110 collected in cash. i. Recognized salaries and wages expense on December 9,$75 paid in cash. j. Collected accounts receivabie on December 10, $14. Dota for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $5. i. Supplies counted on December 31, 2021, \$11. m. Depreciation for the year on the equipment, \$7. n. Interest of $2 to accrue on notes payable. a. Salaries and wages earned but not yet paid or recorded, $13. p. Income tax for the year was $9. It will be poid in 2022 . C4-2 (Algo) Part 8 Required: 8. Prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) 8. Prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) (1) Required information \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ H \& H TOOL, INCORPORATED } \\ \hline \multicolumn{3}{|c|}{ Post-Closing Trial Balance } \\ \hline \multicolumn{3}{|c|}{ (in thousands) } \\ \hline \multicolumn{3}{|c|}{ Account Tities } \\ \hline \multicolumn{3}{|l|}{ Cash } \\ \hline \multicolumn{3}{|l|}{ Accounts Receivable } \\ \hline \multicolumn{3}{|l|}{ Supplies } \\ \hline \multicolumn{3}{|l|}{ Land } \\ \hline \multicolumn{3}{|l|}{ Equipment } \\ \hline \multicolumn{3}{|l|}{ Accumulated Depreciation } \\ \hline Software & & $ \\ \hline \multicolumn{3}{|l|}{ Accumulated Amortization } \\ \hline \multicolumn{3}{|l|}{ Accounts Payable } \\ \hline \multicolumn{3}{|l|}{ Notes Payable (short-term) } \\ \hline \multicolumn{3}{|l|}{ Salaries and Wages Payable } \\ \hline \multicolumn{3}{|l|}{ Interest Payable } \\ \hline \multicolumn{3}{|l|}{ Income Tax Payable } \\ \hline \multicolumn{3}{|l|}{ Common Stock } \\ \hline \multicolumn{3}{|l|}{ Retained Earnings } \\ \hline Dividends & - & \\ \hline \multicolumn{3}{|l|}{ Service Revenue } \\ \hline \multicolumn{3}{|l|}{ Salaries and Wages Expense } \\ \hline Supplies Expense & & \\ \hline \end{tabular} (1) Required information
