e. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on November 6, $13. g. Signed a $25 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $172 on December 8, including $46 on credit and $126 collected in cash. 1. Recognized salaries and wages expense on December 9, $91 paid in cash. J. Collected accounts receivable on December 10, $30. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $6. 1. Supplies counted on December 31, 2021, $10. m. Depreciation for the year on the equipment, $6. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022. C4-2 (Algo) T accounts Required: T accounts. Enter beginning balances and post journal entries from Part 2, the adjusting journal entries from Part 4, and the closing entry from Part 7. (Enter your answers in thousands of dollars.) Debit Beginning Balance Ending Balance Cash Credit 2 Drou Beginning Balance Ending Balance 7 Debit S 8 a Accounts Receivable of 10 *** www Credit Next >

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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Related questions
Question
A
e. Purchased supplies on account on October 5 for future use, $18.
f. Paid accounts payable on November 6, $13.
g. Signed a $25 service contract on November 7 to start February 1, 2022.
h. Recorded revenues of $172 on December 8, including $46 on credit and $126 collected in cash.
I. Recognized salaries and wages expense on December 9, $91 paid in cash.
J. Collected accounts receivable on December 10, $30.
Data for adjusting journal entries as of December 31:
k. Unrecorded amortization for the year on software, $6.
1. Supplies counted on December 31, 2021, $10.
m. Depreciation for the year on the equipment, $6.
n. Interest of $1 to accrue on notes payable.
N
o. Salaries and wages earned but not yet paid or recorded, $12.
p. Income tax for the year was $8. It will be paid in 2022.
C4-2 (Algo) T accounts
Required:
T accounts. Enter beginning balances and post journal entries from Part 2, the adjusting journal entries from Part 4, and the closing
entry from Part 7. (Enter your answers in thousands of dollars.)
Debit
Beginning Balance
Ending Balance.
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Transcribed Image Text:A e. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on November 6, $13. g. Signed a $25 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $172 on December 8, including $46 on credit and $126 collected in cash. I. Recognized salaries and wages expense on December 9, $91 paid in cash. J. Collected accounts receivable on December 10, $30. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $6. 1. Supplies counted on December 31, 2021, $10. m. Depreciation for the year on the equipment, $6. n. Interest of $1 to accrue on notes payable. N o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022. C4-2 (Algo) T accounts Required: T accounts. Enter beginning balances and post journal entries from Part 2, the adjusting journal entries from Part 4, and the closing entry from Part 7. (Enter your answers in thousands of dollars.) Debit Beginning Balance Ending Balance. 2 W S X command #3 Q Cash E D $ 4 C Credit R F < Prev % 5 V Beginning Balance Ending Balance T G 7 8 6 G Debit 9 Y B Accounts Receivable of 10 & M 7 H # U * N Next > C 8 Credit J क - ( ( .0 9 K M ) O O 40 L I P Help 24 > command Save & Exit Check m O ( 1 opti
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information applies to the questions displayed below.j
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):
N
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
@
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Transactions and events during 2021 (summarized in thousands of dollars) follow:
a. Borrowed $12 cash on March 1 using a short-term note.
b. Purchased land on March 2 for future building site; paid cash, $9.
c. Issued additional shares of common stock on April 3 for $29.
d. Purchased software on July 4, $10 cash.
e. Purchased supplies on account on October 5 for future use, $18.
D
f. Paid accounts payable on November 6, $13.-
g. Signed a $25 service contract on November 7 to start February 1, 2022.
h Decorded revenue of $177 on December 0 including $16 on credit and $176 collected in anch
$4
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Transcribed Image Text:w ! 1 < Q A information applies to the questions displayed below.j 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): N 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 @ 2 W S #3 X H 1 ion command Q E Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $9. c. Issued additional shares of common stock on April 3 for $29. d. Purchased software on July 4, $10 cash. e. Purchased supplies on account on October 5 for future use, $18. D f. Paid accounts payable on November 6, $13.- g. Signed a $25 service contract on November 7 to start February 1, 2022. h Decorded revenue of $177 on December 0 including $16 on credit and $176 collected in anch $4 C Debit Credit $3 R F 12 0 66 21 5 0 0 $ 107 0 0 0 % 07 80 0 0 < Prev 5 $ 6 6 5 0 0 T V 0 0 82 8 $ 107 7 <CO A 6 G B 8 9 Y B of 10 & 7 H U * 00 Next > 8 N J ( ( 9 20 T O K M 4 L I of P 24 : A ; command + { = L 7 Check m ? . option
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