Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, incorporated) on January 1 . 2020. The annual reporting period
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) 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 $31. 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. 9 Signed a $30 service contract on November 7 to start February 1, 2022 h. Recorded revenues of $146 on December 8 , including $33 on credit and $113 collected in cash 1. Recognized salaries and wages expense on December 9,$78 paid in cash. 1. Collected accounts receivable on December 10, $17. Data for adjusting journal entries as of December 31 : Data for adjusting journal entries as of December 31 : k. Unrecorded amortization for the year on software, \$7. 1. Supplies counted on December 31, 2021, \$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. C4-2 (Algo) Part 8 Required: 8. Prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) ! Required information
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started