90.2K

Verified Solution

Link Copied!

some of the answers are incorrect and i am trying to get the correct answers

The following information applies to the questions displayed below! Brothers Harry and Herman Hausyerday began operations of their machine shop H&H Tool Inc) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows the amounts are rounded to thousands of dollars to simplify: Account Titles bebit credit Accounts Receivable Supplies Land Related Depreciation Software Alteration Notes Payable (short-ter) Salaries and wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and get pense Depreciation Expense tation pence Interest Expense Suplies Expense Totals Transactions and events during 2018 (summarized in thousands of dollars) follow a Borrowed $1 cash on March using a short-term note. b. Purchased and on March 2 for future building site paid cash. 58 c issued additional shares of common stock on April 3 for $30 d Purchased software on July 4 $11 cash e Purchased supplies on account on October 5 for future use. $19 Paid accounts payable on November 6, $12 Signed a $20 service contract on November 7 to start February 1, 2019 h. Recorded revenues of $148 on December 8, including $34 on credit and $114 collected in cash Recognized salaries and wages expense on December 9, $79 paid in cash Collected accounts receivable on December 10, $18 Data for adjusting journal entries as of December 31 Unrecorded mortation for the year on software. $6 Supples counted on December 31, 2018 512 m Depreciation for the year on the equipment, 55 n Interest of $1 to accrue on notes payable o. Salaries and wages earned but not yet paid or recorded. $11. pincome tax for the year was 57. It will be paid in 2019 es e accounts on the balance. Ende beginning balances and post the transactions pt and closing entry Enter your answers in thousands of dollars.) 20 0 Beg Bal ha llega 3011 Beg Bal. 270 Accounts Receivable Beg Bal6 ih) 34 0 180 c) th) 30 1147 18 1 7 1 d) 9 ARTE D E End Bal End. Bal 7 7 Supplies 13 19 Land of 0 BogBal. Te) Beg Bal End Ball 32 End Bal 8 Equipment Accumulated Depreciation Beg Bal. Beg Bal. End. Bal Accumulated Amortition Software 21 111 0 Beg Bal d) Beg Bal End Bal 32 End Bal Accounts Payable Beg Bal 4 Beg Bal Notes Payable (short term 0 11 lila) End Bal 11 End. Bal 11 sowane D E Payable Beg Bal Bog, Bali End Bal End, Bal Income Tax Payable Beg Bal Beg Bal End Bal End Bal Rotained Earnings Service Revenue Beg Bal Beg Bal 148h End. Bal. End Bal 148 Depreciation Expense Beg Ball 10 121 19e) T 11 (a) End. Bal. 11 11 Salaries and Wages Payable Interest Payable Beg Bal Beg. Bal. End. Bal. End. Bal Income Tax Payable Common Stock Beg Bal. Beg. Bal. 0 72 LED 30 C) End Bal End Bal 102 Retained Earnings Service Revenue Beg Bal Beg Bal 148h) End Bal End. Ball 1 148 Salaries and Wages Expenses Depreciation Expense Beg. Bal. Beg Bali 79 79 CE1 0 End Bal0 End. Bal 0 Amortization Expense Income Tax Expense Beg Bal Beg Bal T OT I End Bal End. Bal 0 o Interest Expense Supplies Expense Beg Bal Beg Bal End Bal 0 3. Prepare an unadjusted trial balance. (Enter your answers in thousands H&H TOOL, INC. Unadjusted Trial Balance At December 31, 2018 (in thousands) Account Titles Debit Credit Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense Totals 79 C 5 $ 329 $ 4. Record the adjusting journal entries (k) through (p). (If no entry is required for a transaction/event, select "No Journal Required" in the first account field. Enter your answers in thousands of dollars.) View transaction list View journal entry worksheet NO Transaction General Journal Debit Credit Amortization Expense Accumulated Amortization Supplies Expense Supplies Depreciation Expense Accumulated Depreciation Interest Expense Interest Payable Salaries and Wages Expense Salaries and Wages Payable Income Tax Expense Income Tax Payable 5. Post the adjusting entries from requirement 4 and prepare an adjusted trial balance. (E Debit Credit INI H&H TOOL, INC. Adjusted Trial Balance At December 31, 2018 (in thousands) 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 Supplies Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Total 2935 426

Answer & Explanation Solved by verified expert

See Answer