1 answer

Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.)...

Question:

Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual

Data for adjusting Journal entries as of December 31: k. Unrecorded amortization for the year on software. $5. 1. Supplies co

Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify): Debit Credit 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 Betained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals OOOO $106 $106 Transactions and events during 2018 (summarized in thousands of dollars) follow. a. Borrowed $11 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site: pald cash, $8. c. Issued additional shares of common stock on April 3 for $24. d. Purchased software on July 4, $11 cash. e. Purchased supplies on account on October 5 for future use. $19. f Pald accounts payable on November 6. $12. g. Signed a $20 service contract on November 7 to start February 1, 2019 h. Recorded revenues of $180 on December 8, including $50 on credit and $130 collected in cash. 1. Recognized salaries and wages expense on December 9. $95 paid in cash. J. Collected accounts receivable on December 10, $34.
Data for adjusting Journal entries as of December 31: k. Unrecorded amortization for the year on software. $5. 1. Supplies counted on December 31, 2018. $12 m. Depreciation for the year on the equipment. $5. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $13. p. Income tax for the year was $7. It will be paid in 2019 Required: 2 Record Journal entries for transactions (a) through()- (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.) View transaction list

Answers

Transaction   General Journal Debit Credit
a Cash         11.00
Notes Payable(Short Term)         11.00
b Land           8.00
Cash           8.00
c Cash         24.00
Common Stock         24.00
d Software         11.00
Cash         11.00
e Supplies         19.00
Accounts Payable         19.00
f Account Payable         12.00
Cash         12.00
g No Journal Entry Required
h Cash      130.00
Account Receivable           50.00
Service Revenue      180.00
i Salaries And Wages Expense         95.00
Cash         95.00
j Cash           34.00
Account Receivable         34.00
.

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