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Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Incorporated) on January 2020. The annual reporting perlod ends December 31. The trial balance on January 1, 2021, follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Cash Accounts Receivable Debit $ 2 6 13 Credit Supplies Land Equipment Accunulated Depreciation Software 54 21 Accunulated Amortization Accounts Payable Notes Payable (short-tern) Salaries and Wages Payable Interest Payable Income Tax Payable Connon Stock Retained tarnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Exреnse Interest Expense Supplies Expense Tot als

Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Incorporated) on January 2020. The annual reporting perlod ends December 31. The trial balance on January 1, 2021, follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Cash Accounts Receivable Debit $ 2 6 13 Credit Supplies Land Equipment Accunulated Depreciation Software 54 21 Accunulated Amortization Accounts Payable Notes Payable (short-tern) Salaries and Wages Payable Interest Payable Income Tax Payable Connon Stock Retained tarnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Exреnse Interest Expense Supplies Expense Tot als

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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salaries and wages expense 

supplies expense

depreciation expense

amoization expense

interest expense

income tax expense

Total

Brothers Harry and Herman Hausyerday began operatlons of their machine shop (H & H Tool, Incorporated) on January 1. 2020. The annual reporting perlod ends December 31. The trial balance on January 1, 2021, follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Cash Accounts Receivable Debit Credit $ 2 6 Supplies Land 13 Equipment Accumulated Depreciation Sof tware 54 $5 21 Accumulated Amortization 6 Accounts Payable Notes Payable (short-tern) Salaries and Wages Payable Interest Payable Income Tax Payable Connon Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense 4 72 Totals $ 96 $ 96 Transactions and events during 2021 (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 bullding site: pald cash, $8. 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. f Pald accounts payable on November 6. $12. g. Signed a $20 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $148 on December 8. Including $34 on credit and $114 collected in cash. 1. Recognized salarles and wages expense on December 9, $79 pald In cash. J. Collected accounts recelvable on December 10, $18. Data for adjustling Journal entries as of December 31: k. Unrecorded amortization for the year on software, $6. 1. Supplies counted on December 31, 2021, $12. m. Depreciation for the year on the equipment, $5. n. Interest of $1 to accrue on notes payable. o. Salarles and wages earned but not yet pald or recorded, $1. p. Income tax for the year was $7. It will be pald In 2022 Required: 5. Prepare an adjusted trial balance. (Enter your answers in thousands of dollars.) H&H TOOL, INCORPORATED Adjusted Trial Balance (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 Tax Payable Common Stock Retained Earnings IService Revenue
Transcribed Image Text:Brothers Harry and Herman Hausyerday began operatlons of their machine shop (H & H Tool, Incorporated) on January 1. 2020. The annual reporting perlod ends December 31. The trial balance on January 1, 2021, follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Cash Accounts Receivable Debit Credit $ 2 6 Supplies Land 13 Equipment Accumulated Depreciation Sof tware 54 $5 21 Accumulated Amortization 6 Accounts Payable Notes Payable (short-tern) Salaries and Wages Payable Interest Payable Income Tax Payable Connon Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense 4 72 Totals $ 96 $ 96 Transactions and events during 2021 (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 bullding site: pald cash, $8. 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. f Pald accounts payable on November 6. $12. g. Signed a $20 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $148 on December 8. Including $34 on credit and $114 collected in cash. 1. Recognized salarles and wages expense on December 9, $79 pald In cash. J. Collected accounts recelvable on December 10, $18. Data for adjustling Journal entries as of December 31: k. Unrecorded amortization for the year on software, $6. 1. Supplies counted on December 31, 2021, $12. m. Depreciation for the year on the equipment, $5. n. Interest of $1 to accrue on notes payable. o. Salarles and wages earned but not yet pald or recorded, $1. p. Income tax for the year was $7. It will be pald In 2022 Required: 5. Prepare an adjusted trial balance. (Enter your answers in thousands of dollars.) H&H TOOL, INCORPORATED Adjusted Trial Balance (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 Tax Payable Common Stock Retained Earnings IService Revenue
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