70.2K

Verified Solution

Link Copied!

Debit 0 20 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 founded to thousands of dollars to simplify Account the Credit Cash 14 Accounts Receivable 4 Supplies 11 Land Equipment 53 Accumulated Depreciation 57 Software Accumulated Artition Accounts Payable Notes Payable (thorter) Salaries and Payable Loterit Payable Income Tax Payable Co Stock Metained tarings Service Revenue Salaries and wages Expense Depreciation Expense Aortication Expanse Income Tax Expense Interest Expense Supplies in Total 193 313 Transactions and events during 2021 (summarized in thousands of dobars) follow. a Borrowed $13 cash on March using a short-term note Purchased and on March 2 for future building Site, bald cash. S2 cissued additional shares of common stock on April 3 for 531 d Purchased software on July 4, 512 cash e Purchased supplies on account on October 5 for future use. 317. Paid accounts payable on November 6, $14 o Signed a $30 service contract on November 7 to start February 2022 n Recorded revenues of $146 on December 3, including 533 on credit and $113 collected in cash Recognized salaries and wages expense on December 9, 578 pold in cash J. Collected accounts receivable on December 10, $17 Data for adjusting journal entries us of December 31 Unrecorded amortization for the year on software, $7 Supplies counted on December 31, 2021, 511 m Depreciation for the year on the equipment. 57 n Interest of $2 to accrue on notes payable o: Salaries and wages earned but not yet paid or recorded. 513 income tax for the year was 39. It will be paid in 2022 Cash Debit Beginning Balance Credit Accounts Receivable Debit Beginning Balance Credit Ending Balance Ending Balance Supplies Land Debat Beginning Balance Credit Credit Debit Beginning Balance Ending Balance Ending Balance Equipment Credit Debct Beginning Balance Accumulated Depreciation Debit Credit Begoning Balance Ending Balance Ending Balance Software Credit Debit Beginning Balance Accumulated Amortization Debit Credit Beginning Balance Ending Balance Ending Balance Accounts Payable Credit Deb Beginning Balance Notes Payable short-term) Debit Credit Beginning Balance Ending Balance Ending Balance Interest Payable Salaries and Wages Payable Debit Credit Beginning Balance Bebit Credit Beginning Balance Ending Balance Ending Balance Common Stock Income Tax Payable Debit Beginning Balance Credit Credit Debit Beginning Balance Ending Balance Ending Balance Retained Earnings Service Revenue Credit Delit Beginning Balance Debit Beginning Balance Credit Ending Balance Ending Balance 0 Salaries and Wages Expense Debit Credit Beginning Ba ana Depreciation Expense Debit Beginning Balance Credit Ending Balance Ending Balance Tricome Tax Expense Amortization Expense Debit Beginning Balance Credit Debit Beginning Balance Credit Ending Balance Ending Balance interest Expense Supplies Expense Credit Debit Beginning Balance Debit Beginning Balance

Answer & Explanation Solved by verified expert

See Answer