(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 simplity]: Credit Debit $ 3 5 12 0 66 SON $ 6 21 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 Totals OOOO 0 82 8 0 0 0 $ 107 $ 107 Transactions and events during 2021 (summarized in thousands of dollars) follow. Supplies Expense Totals 0 $ 107 $ 107 Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash $9. c.Issued additional shares of common stock on April 3 for $29. d. Purchased software on July 4, $10 cash. e. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on November 6, $13. g. Signed a $25 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $172 on December 8, including $46 on credit and $126 collected in cash. 1. Recognized salaries and wages expense on December 9, $91 paid in cash. 1. Collected accounts receivable on December 10, $30. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software. $6. Supplies counted on December 31, 2021, $10. m. Depreciation for the year on the equipment, $6. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022 Required information View transaction list :X: 10 1 Record $12 cash borrowed on March 1 using a short-term note. 2 Record land purchased on March 2 for future building site; paid cash, $9. 3 Record additional shares of common stock issued on April 3 for $29. Credit 4 Record software purchased on July 4, $10 cash. 5 Record supplies purchased on account on October 5 for future use, $18. 6 Record accounts payable paid on November 6, $13. Note : - journal entry has been entered View general jou Clear entry Record entry LEER. EX: :X future use, $18. 6 Record accounts payable paid on November 6, $13. 7 Record the $25 service contract signed on November 7 to start February 1, 2022. 8 Record revenues of $172 on December 8, including $46 on credit and $126 collected in cash. 9 Record salaries and wages expense recognized on December 9, $91 paid in cash. 10 Record accounts receivable collected on December 10, $30. Note : journal entry has been entered H&H TOOL, INCORPORATED Unadjusted Trial Balance (in thousands) Account Titles Debit Credit es Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Common Stock Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense Totals $ 0 $ 0
