60.1K

Verified Solution

Link Copied!

8

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 rounced 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 bulding site; paid cash, $7. c. Issued additional shares of common stock on April 3 for $28. d. Purchased software on July 4,$12 cash. 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,$12cash. 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 $170 on December 8 , including $45 on credit and $125 collected in cashi. 1. Recognized salaries and wages expense on December 9,$90 paid in cash. 1. Collected accounts receivable on December 10, \$29 Data for adjusting journal entries as of December 31 k. Unrecorded amortization for the year on software, $5. 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. Salanies and wages earned but not yet pard or recorded, $11. p income tax for the year was $9 it will be poid in 2022 C4-2 (Algo) Part 8 Required: 8. Prepare a post-closing thial balance. (Enter your answers in thousands of dollars.) Part 8 of 9 Required information 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): Transactions and events du ini b. Purchased land on March 2 for future buiding ste: c. Issued additignal shares of common strechul Transactions and events during 2021 (summarized in thousands of dollars) follow. a. Borrowed $13 cash on March 1 using a short-tem note b. Purchased land on March 2 for future bulling 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. 9. Signed a $30 service contract on November 7 to start february 1,2022. h. Recorded revenues of $170 on December 8 including $45 on credit and $125 collected in cash. 1. Recognized salaries and wages expense on December 9.$90 paid in cash. J. Collected accounts receivable on December 10,$29 Data for adjusting journal entries as of December 31 . k. Unrecorded amortization for the year on software, \$5. 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. 0. Salaries and wages earned but not yet paid or recorded, $11. p. Income tax for the year was $9. It will be paid in 2022 8. Prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) \begin{tabular}{|l|l|} \hline Equipment \\ \hline Accumulated Depreciation \\ \hline Software \\ \hline Accumulated Amortization \\ \hline Accounts Payable \\ \hline Notes Payable (short-term) \\ \hline Salaries and Wages Payable \\ \hline Interest Payable \\ \hline Income Tax Payable \\ \hline Common Stock \\ \hline Retained Earnings \\ \hline Dividends \\ \hline Service Revenue \\ \hline Salaries and Wages Expense \\ \hline Supplies Expense \\ \hline Depreciation Expense \\ \hline Amortization Expense \\ \hline Interest Expense \\ \hline Income Tax Expense \\ \hline Totals \\ \hline \end{tabular}

Answer & Explanation Solved by verified expert

See Answer