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Required information (The following informetion applies to the questions elsplayed below) Brothers Herry and Herman Hausyerday began operations of their machine shop (H & H Tool, Incorparatec) on January 1, 2020. The annual reporting perlod ends December 31. The trial balance on January 1, 2021, follows (the amaunts are rounded to thousands of dollars to simplify: Accunt TAtles Cash Debit Credit Accounts Recelvable Supplies Land Equipnont Accurulated Depreciation 13 54 Softvare 21 Accurulated ortization AcCounts Payale Notes Payable (short-ter) Salaries and Mages Payable Interest Payble Incore Tas Payable Comon Stock Retalned arnings Service Revena 72 Salaries and Mages Espense Depreciation Expense Aortizat lon Expense Incore Tax Expense Interest ipense Spplies Expense Totals $ 96 Transactions and events during 2021 (summarized in thousands of dollars) follow:

Required information (The following informetion applies to the questions elsplayed below) Brothers Herry and Herman Hausyerday began operations of their machine shop (H & H Tool, Incorparatec) on January 1, 2020. The annual reporting perlod ends December 31. The trial balance on January 1, 2021, follows (the amaunts are rounded to thousands of dollars to simplify: Accunt TAtles Cash Debit Credit Accounts Recelvable Supplies Land Equipnont Accurulated Depreciation 13 54 Softvare 21 Accurulated ortization AcCounts Payale Notes Payable (short-ter) Salaries and Mages Payable Interest Payble Incore Tas Payable Comon Stock Retalned arnings Service Revena 72 Salaries and Mages Espense Depreciation Expense Aortizat lon Expense Incore Tax Expense Interest ipense Spplies Expense Totals $ 96 Transactions and events during 2021 (summarized in thousands of dollars) follow:

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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Required Information [The following informetion applies to the questions dispiayed below] Brathers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Incorporstec) on January 1, 2020. The annual reporting period ends December 31 The trisl balance on January 1, 2021, follows (the smounts are rounded to thoussnds of dollars to simpiifye ACCOunt TItles Cash Accounts Receivable Supplies Land Equipnont Accuulated Depreciation Debit Credit $2 13 54 $5 Software 21 Accurulated ortization AcCounts Payable Notes Payable (shart-ter) Salaries and Mages Payalle Interest Payable Incone Tax Payable Cormon Stock Retalned Earnings Service Revenue Salaries and Mages Expense Depreciation Expense Anortizat ion Expense Incone Tax Expense Interest Expense Supplies ipense Totals $ 96 $ 96 Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed ST11 cesh on March1 using a short-term note. b. Purchased land on March 2 for future bulding site; pald cash, $8. c. Issued additionsl shares of comman stock on April 3 for $30. d. Purchased software on July 4, $11 cash. e Purchased supples on account on October 5 for future use, S19. £ Pald sccounts 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 S34 on crecit and S114 collected in cash. LRecognized salaries and wages expense on December 9, $79 pald In cash. Collected sccounts recelvable on December 10, $18. Dats for acjusting journal entries es of December 31: k. Unrecorded amortization for the year on software, $6. L. Supplies counted on December 31, 2021, $12 m. Depreciation for the yesr on the equipment, $5. n. Interest of $1 to acerue on nates payable o. Salaries and weges earned but not yet pald or recorded, $1 p. Income tax for the year was $7. It will be paid in 2022 Required: 3. Prepare an unsdjusted trisl balance. (Enter your answers in thousands of dollars.) H&H TOOL, INCORPORATED Unadjucted Trial Balanoe (In thoucandc) Account Tities Debit Credit Cash Accounts Receivable Supplies Land Equipment Accumulated Deprociation Software Accumulated Amartizaton Accounts Payible Notes Payable (short tarm) Salaries and Wagns Payable Interest Payable Income Taxes Payable Common Stock Rotained Eamings Service Rovenue Salaries and Wages Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense Totals
Transcribed Image Text:Required Information [The following informetion applies to the questions dispiayed below] Brathers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Incorporstec) on January 1, 2020. The annual reporting period ends December 31 The trisl balance on January 1, 2021, follows (the smounts are rounded to thoussnds of dollars to simpiifye ACCOunt TItles Cash Accounts Receivable Supplies Land Equipnont Accuulated Depreciation Debit Credit $2 13 54 $5 Software 21 Accurulated ortization AcCounts Payable Notes Payable (shart-ter) Salaries and Mages Payalle Interest Payable Incone Tax Payable Cormon Stock Retalned Earnings Service Revenue Salaries and Mages Expense Depreciation Expense Anortizat ion Expense Incone Tax Expense Interest Expense Supplies ipense Totals $ 96 $ 96 Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed ST11 cesh on March1 using a short-term note. b. Purchased land on March 2 for future bulding site; pald cash, $8. c. Issued additionsl shares of comman stock on April 3 for $30. d. Purchased software on July 4, $11 cash. e Purchased supples on account on October 5 for future use, S19. £ Pald sccounts 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 S34 on crecit and S114 collected in cash. LRecognized salaries and wages expense on December 9, $79 pald In cash. Collected sccounts recelvable on December 10, $18. Dats for acjusting journal entries es of December 31: k. Unrecorded amortization for the year on software, $6. L. Supplies counted on December 31, 2021, $12 m. Depreciation for the yesr on the equipment, $5. n. Interest of $1 to acerue on nates payable o. Salaries and weges earned but not yet pald or recorded, $1 p. Income tax for the year was $7. It will be paid in 2022 Required: 3. Prepare an unsdjusted trisl balance. (Enter your answers in thousands of dollars.) H&H TOOL, INCORPORATED Unadjucted Trial Balanoe (In thoucandc) Account Tities Debit Credit Cash Accounts Receivable Supplies Land Equipment Accumulated Deprociation Software Accumulated Amartizaton Accounts Payible Notes Payable (short tarm) Salaries and Wagns Payable Interest Payable Income Taxes Payable Common Stock Rotained Eamings Service Rovenue Salaries and Wages Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense Totals
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