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what are the T accounts? I did mine and its telling me incomplete ugh one of these are incomplete too and idk what I am
what are the T accounts? I did mine and its telling me incomplete ugh
one of these are incomplete too and idk what I am doing wrong
Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on Janu annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are thousands of dollars to simplify): Debit Credit $ 2. 6 13 64 $ 5 18 4 4 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 0 81 9 0 0 $103 $103 Transactions and events during 2018 (summarized in thousands of dollars) follow: a. Borrowed $11 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building cito naid do Saved Transactions and events during 2018 (summarized in thousands of dollars) follow: a. Borrowed $11 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash. $8. c. Issued additional shares of common stock on April 3 for $27. d. Purchased software on July 4, $11 cash. e. Purchased supplies on account on October 5 for future use, $19. f. 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 $168 on December 8, including $44 on credit and $124 collected in cash. 1. Recognized salaries and wages expense on December 9. $89 paid in cash. j. Collected accounts receivable on December 10, $28. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software. $4. 1. Supplies counted on December 31, 2018, $12. m. Depreciation for the year the equipment, $5. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded. $13. p. Income tax for the year was $7. It will be paid in 2019. 1, 3, 5 and 8. Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions adjusting entries (k)-(p), and closing entry. (Enter your answers in thousands of dollars.) Req 6A Req 6B Req 6C Prepare an income statement. (Enter your answers in thousands H&H TOOL, INC. Income Statement At December 31, 2018 (in thousands) Revenues Service Revenue $ 168 Total Revenues 168 102 5 Expenses Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense 4 7 1 20 139 Total Expenses Net Income $ 29 Reg DA nt retained earning Required information Complete this question by entering your answers in Req 6A Req 6B Req 6C Prepare the statement of retained earnings. (Enter your ans H&H TOOL, INC. Statement of Retained Earnings At December 31, 2018 (in thousands) Balance, January 1, 2018 $ Add: Net Income 9 29 Balance, December 31, 2018 $ 38 Req 6A Prepare the balance sheet. (Enter your answers in thousands of dollars. Amounts to be deducted should be indicated by a minus sic H&H TOOL, INC. Balance Sheet At December 31, 2018 (in thousands) Assets Liabilities Current Assets Current Liabilities Cash $ Accounts Receivable 72 22 $ 11 11 Supplies 12 Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable 13 1 Total Current Assets Land 106 43 8 Total Current Liabilities Stockholders' Equity Common Stock Retained Earnings $ 64 $ 108 (10) 54 38 Equipment Accumulated Depreciation Software Accumulated Depreciation Total Assets 29 (8) 21 189 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 146 $ $ 189Step by Step Solution
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