Ae. 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.No. 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 accountsRequired:T accounts. Enter beginning balances and post journal entries from Part 2, the adjusting journal entries from Part 4, and the closingentry from Part 7. (Enter your answers in thousands of dollars.)DebitBeginning BalanceEnding Balance.2WSXcommand#3QCashED$4CCreditRF< Prev%5VBeginning BalanceEnding BalanceTG7 86GDebit9YBAccounts Receivableof 10&M7H#U*NNext >C8CreditJक-((.09KM)OO40LIPHelp24>commandSave & ExitCheck mO(1opti w!1<QAinformation applies to the questions displayed below.jBrothers 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 arerounded to thousands of dollars to simplify):NAccount TitlesCashAccounts ReceivableSuppliesLandEquipmentAccumulated DepreciationSoftwareAccumulated AmortizationAccounts PayableNotes Payable (short-term)Salaries and Wages PayableInterest PayableIncome Tax PayableCommon StockRetained EarningsService RevenueSalaries and Wages ExpenseDepreciation ExpenseAmortization ExpenseIncome Tax ExpenseInterest ExpenseSupplies ExpenseTotals@2WS#3XH1ion commandQETransactions 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.Df. 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$4CDebit Credit$3RF1206621500$ 107000%07 8000< Prev5$ 66500TV00828$ 10778NJ((920TOKM4LIofP24:A;command+{=L7Check m?.option

Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

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 >

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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Records show that $750 of cash receipts originally recorced as unearned admissions revenue had been earned as of December 31. Show calculations where necessary. Calculations: Date Debit Credit Db Cr
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