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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. 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. 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) Part 6 Required: 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet.

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. 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) Part 6 Required: 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet.

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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9 1 ok → int Mc Graw Hill 1 A 1 N 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. 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) Part 6 Required: 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Complete this question by entering your answers in the tabs below. 2 W S X command #3 a E D $ 4 C R 20 < Prev FL or do % 5 T V GO 56 7 ^ 6 *** MacBook Pro G Y 9 B & 7 of 10 H K *** m U #00 8 N Next > J ( ( 1 9 K M ) -0 O O L < P Help Sa + command
Transcribed Image Text:9 1 ok → int Mc Graw Hill 1 A 1 N 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. 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) Part 6 Required: 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Complete this question by entering your answers in the tabs below. 2 W S X command #3 a E D $ 4 C R 20 < Prev FL or do % 5 T V GO 56 7 ^ 6 *** MacBook Pro G Y 9 B & 7 of 10 H K *** m U #00 8 N Next > J ( ( 1 9 K M ) -0 O O L < P Help Sa + command
< 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 @ 2 Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals W S X command # 3 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 $ d. Purchased software on July 4, $10 cash. e. Purchased supplies on account on October 5 for future use, $18. 4 Debit Credit $3 f. Paid accounts payable on November 6, $13. g. Signed a $25 service contract on November 7 to start February 1, 2022. h Decorded running of $177 on Deambar 0 including 16 an credit and $176 collected in each C R F ដ១៨៣យដ្ឋ 12 66 сч оро 21 % 0 0 0 5 < Prev 0 0 0 0 $ 107 $ 107 $6 V 6 5 0 0 82 T 0 0 8 5 G 6 ^ 6 G 7 Y B 9 of 10 & 7 H www U * N 8 J Next > I ( 9 K M O 2. O L H P command G + [
Transcribed Image Text:< 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 @ 2 Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals W S X command # 3 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 $ d. Purchased software on July 4, $10 cash. e. Purchased supplies on account on October 5 for future use, $18. 4 Debit Credit $3 f. Paid accounts payable on November 6, $13. g. Signed a $25 service contract on November 7 to start February 1, 2022. h Decorded running of $177 on Deambar 0 including 16 an credit and $176 collected in each C R F ដ១៨៣យដ្ឋ 12 66 сч оро 21 % 0 0 0 5 < Prev 0 0 0 0 $ 107 $ 107 $6 V 6 5 0 0 82 T 0 0 8 5 G 6 ^ 6 G 7 Y B 9 of 10 & 7 H www U * N 8 J Next > I ( 9 K M O 2. O L H P command G + [
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