Required: 4. Record the adjusting journal entries (k) through (p). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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mensive Problem (Manual Posting) i
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Line following 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):
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
2
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
e. Purchased supplies on account on October 5 for future use, $18.
f. Paid accounts payable on November 6, $13.
D
g. Signed a $25 service contract on November 7 to start February 1, 2022.
h Dearded running of $177 on Decembar O including 16 an cendit and $176 collected in each
$4
Debit Credit
$3
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Grades-ACC120-N884: Prin of Financial Accounting - Central Piedm
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Transcribed Image Text:mensive Problem (Manual Posting) i x t С raw ill ! A 1 zion N Line following 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): 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 2 Income Tax Expense Interest Expense Supplies Expense Totals @ W S # 3 X a command 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 e. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on November 6, $13. D g. Signed a $25 service contract on November 7 to start February 1, 2022. h Dearded running of $177 on Decembar O including 16 an cendit and $176 collected in each $4 Debit Credit $3 C R 5 12 0 66 F 21 ar do 0 0 0 0 0 0 0 $ 107 $ 107 < Prev % 5 $6 6 5 0 0 0 0 82 8 T V Saved 3 4 6 G GO 5 Y B 9 & 7 of 10 # H U * 00 8 N Next > Grades-ACC120-N884: Prin of Financial Accounting - Central Piedm J ( I ( 9 K M He ) O O L < S.P 85 P Help Save & Exit command O + { Check my IN opti
Interest Expense
Supplies Expense
Totals
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.
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.
C4-2 (Algo) Part 4
2
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.
Required:
4. Record the adjusting journal entries (k) through (p). (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field. Enter your answers in thousands of dollars.)
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Transcribed Image Text:Interest Expense Supplies Expense Totals 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. 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. C4-2 (Algo) Part 4 2 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. Required: 4. Record the adjusting journal entries (k) through (p). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) W S X command # 3 Q E D $ DS 4 C R F 0 $ 107 $ 107 0 < Prev 07 20 % 5 V T 3 4 5 ... 9 G 6 Y B & 7 H of 10 U N # 00 8 J Next > 1 ( 9 K M O ) O V I H P 24 command {
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