Required information C4-2 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, Inc) on January 1, 2013. The annual reporting period ends December 31. The trial balance on January 1, 2015, follows the amounts are rounded to thousands of dollars to simplify Credit Debit $ 4 4 11 62 $ 7 18 7 6 0 Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short- term) 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 0 oopro 0 O O OOO Totals $99 $99 Transactions during 2015 (summarized in thousands of dollars) follow: 1. Borrowed $13 cash on a six-month note payable dated March 1, 2015. 2. Purchased land for future building site; paid cash, $7. 3. Earned revenues for 2015, $164. including $42 on credit and $122 collected in cash. 4. Issued additional shares of stock for $2. 5. Recognized salaries and wages expense for 2015, $87 paid in cash. 6. Collected accounts receivable, $26. 7. Purchased software, $12 cash. 8. Pald accounts payable, $14. 9. Purchased supplies on account for future use. $17 10.Signed a $30 service contract to start February 1, 2016. Data for adjusting journal entries: 11. Unrecorded amortization for the year on software, $7. 12.Supplies counted on December 31, 2015, $11. 13.Depreciation for the year on the equipment, $7 14. Accrued interest of $2 on notes payable. 15. Salaries and wages earned but not yet paid or recorded. $11. 16.Income tax for the year was $9. It will be paid in 2016. 4-2 Part 3, 5, and 8 3,5 and Set up T-accounts for the accounts on the trial balance. Enter beginning 8. balances and post the transactions 1-10, adjusting entries 11-16, and closing entry. (Enter your answers in thousands of dollars.) Cash Accounts Receivable Beg. Bal Beg. Bal End. Bal End. Bal Supplies Land Beg Bal Beg Bai. End. Bal End. Bal Equipment Accumulated Depreciation Equipment Equipment Beg. Bal. Accumulated Depreciation Equipment Beg. Bal End Bal End. Bal Software Accumulated Amortization Beg. Bal Beg Bal End. Bal. End. Bal 0 Accounts Payable Notes Payable Beg Ball Beg Bal End Bal End Bal Salaries and Wages Payable Beg Bal Interest Payable Beg Bal Income Tax Payable Beg. Bal Common Stock Beg. Bal. End. Bal End. Bal. Retained Eamings Beg. Bal Service Revenue Beg Bal End. Bal End. Bal. Depreciation Expense Beg Bal Amortization Expense Beg Bal End, Bal End Bal Income Tax Expense Beg Bal Interest Expense Bed Rai Income Tax Expense Interest Expense Beg. Bal Beg Bal End. Bal End, Bal Salaries and Wages Expense Supplies Expense Beg. Bal Beg Bal End. Bal. End. Bal