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This is a lot, I will be upvoting on two accounts, thank you [The following information applies to the questions displayed below.] Brothers Harry and
This is a lot, I will be upvoting on two accounts, thank you
[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): Credit Debit $ 4 4 11 0 56 $ 7 17 4 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 sor Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals 0 68 7 0 0 0 0 0 0 0 $ 92 $ 92 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 $28. 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 $152 on December 8, including $36 on credit and $116 collected in cash. i. Recognized salaries and wages expense on December 9, $81 paid in cash. j. Collected accounts receivable on December 10, $20. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $4. 1. Supplies counted on December 31, 20 $11. m. Depreciation for the year on the equipment, $7. n. Interest of $2 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $13. p. Income tax for the year was $9. It will be paid in 2022. 2. Record journal entries for transactions (a) through (). (If 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.) View transaction list Journal entry worksheet Record $13 cash borrowed on March 1 using a short-term note. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal 2. Record journal entries for transactions (a) through (). (If 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.) View transaction list Journal entry worksheet Record land purchased on March 2 for future building site; paid cash, $7. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal 2. Record journal entries for transactions (a) through (). (If 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.) View transaction list Journal entry worksheet Record additional shares of common stock issued on April 3 for $28. Note: Enter debits before credits. Transaction bit Credit No Journal Entry Required C. Accounts Payable Accounts Receivable Accumulated Amortization Record entry Clear entry View general journal View transaction list Journal entry worksheet Record software purchased on July 4, $12 cash. Note: Enter debits before credits. General Journal Debit Credit Transaction d. Record entry Clear entry View general journal Journal entry worksheet Record supplies purchased on account on October 5 for future use, $17. Note: Enter debits before credits. General Journal Debit Credit Transaction e. Record entry Clear entry View general journal Journal entry worksheet Record accounts payable paid on November 6, $14. Note: Enter debits before credits. General Journal Debit Credit Transaction f. Record entry Clear entry View general journal Journal entry worksheet Record the $30 service contract signed on November 7 to start February 1, 2022. Note: Enter debits before credits. Transaction General Journal Debit Credit g. Record entry Clear entry View general journal Journal entry worksheet Record revenues of $152 on December 8, including $36 on credit and $116 collected in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit h. Record entry Clear entry View general journal Journal entry worksheet Record accounts receivable collected on December 10, $20. Note: Enter debits before credits. General Journal Debit Credit Transaction j. Record entry Clear entry View general journalStep by Step Solution
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