Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below) Brothers Harry and Herman Hubyerday began operations of their machine shop & H Tooling)

image text in transcribed

Required information [The following information applies to the questions displayed below) Brothers Harry and Herman Hubyerday began operations of their machine shop & H Tooling) on January 2016. The annual reporting period endis December 3: The trial balance on January 1 2018. Allows the amounts are rounded to thousands of dollars to simply Datest SELLER S We pene Transactions and events during 2018 summarized in thousands of dollars) follow Borrowed $11 cash on March 1 using a short-term note. b. Purchased and on March 2 for future building site; paid cash, $a. c.Issued additional shares of common stock on April 3 for $24 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, 2019 h. Recorded revenues of $100 on December 8, including $50 on credit and $150 collected in cash 1. Recognized salaries and wages expense on December 9, $95 paldin cash J. Collected accounts receivable on December 10, $34 Data for adjusting Journal entries as of December 31 Unrecorded amortization for the year on software, S5 Supples counted on December 2010 $12 m. Depreciation for the year on the equipment. $5. it. Interest of $ito sccrue on notes payable a: Salaries and wages earned but not yet paid or recorded. $15 Income tax for the year was $7. It will be paid in 2019 Required 2. Record journal entries for transactions through no entry is required for a transaction event, select "No Journal Entry Required in the first account field. Enter your answers in thousands of dollars)

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

Telecourse Guide For Accounting In Action Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen

9th Edition

0072386533, 978-0072386530

More Books

Students also viewed these Accounting questions

Question

How is a focus group used to generate new business ideas?

Answered: 1 week ago

Question

Identify the items included in cash. E-967

Answered: 1 week ago

Question

To solve p + 3q = 5z + tan( y - 3x)

Answered: 1 week ago

Question

b. Where did they come from?

Answered: 1 week ago