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rothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool. Inc) on January 1, 2013. The annual reporting period ends
rothers 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 simplity) Debit Credit S 4 Cash Accounts Recelvable Supplies 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 62 $ 7 18 6 0 0 0 0 0 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. Pard accounts payable, $14. 9. Purchased supplies on account for future use. $17 10. Signed a $30 service contract to start February 1, 2016
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