Prepare journal entries as follows:
Trn. | Account Title | Debit | Credit |
1 | Cash | $12 | |
Note payable | $12 | ||
2 | Land | $9 | |
Cash | $9 | ||
3 | Cash | $129 | |
Accounts receivable | $49 | ||
Service revenue | $178 | ||
4 | Cash | $3 | |
Common stock | $3 | ||
5 | Salaries and wage expense | $94 | |
Cash | $94 | ||
6 | Cash | $33 | |
Accounts receivable | $33 | ||
7 | Software | $10 | |
Cash | $10 | ||
8 | Accounts payable | $13 | |
Cash | $13 | ||
9 | Supplies | $18 | |
Accounts payable | $18 | ||
10 | No entry | ||
Adjusting Entry | |||
11 | Amortization expense | $4 | |
Accumulated Amortization | $4 | ||
12 | Supplies expense ($12-$10) | $2 | |
Supplies | $2 | ||
13 | Depreciation expense | $6 | |
Accumulated Depreciation-Equipments | $6 | ||
14 | Interest expense | $1 | |
Interest payable | $1 | ||
15 | Salaries and wage expense | $12 | |
Salaries and wage payable | $12 | ||
16 | Income tax expense | $8 | |
Income tax payable | $8 |
______________________________________________________________________
Prepare Income statement as follows:
Income statement | ||
Service revenue | $178 | |
Less: Operating expense | ||
Salaries and wage expense | $94 | |
Depreciation expense | $6 | |
Amortization expense | $4 | |
Interest expense | $1 | |
Supplies expense | $2 | |
Income tax expense | $8 | $115 |
Net Income | $63 |
_______________________________________________________________
Prepare statement of retained earnings as follows:
Statement of Retained Earnings | |
Beginning bal. | $8 |
Add: Net Income | $63 |
Ending bal. | $71 |
[The following information applies to the questions displayed below) Brothers Harry and Herman Hausyerday began operations...
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): Account Titles Debit Credit Cash $ 3 Accounts Receivable 5 Supplies 12 Land 0 Equipment 52 Accumulated Depreciation $ 6 Software 22 Accumulated Amortization 8 Accounts Payable 5 Notes Payable (short-term) 0 Salaries and Wages...
we PIUUI VULTUUR The following information applies to the questions displayed below) 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-tern) Salaries and wages Payable Interest...
[The following information applies to the questions displayed below.] Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2013. The annual reporting period ends December 31. The trial balance on January 1, 2015, follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Debit Credit Cash $ 2 Accounts Receivable 6 Supplies 13 Land 0 Equipment 67 Accumulated Depreciation $ 5 Software 21 Accumulated Amortization 7 Accounts...
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-ters) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue...
The following information applies to the questions displayed below. Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc. ) on January 12016. The annual reporting period ends December 31. The trial balance on January 12018, follows the amounts are rounded to thousands of dollars to simplify ): Debit Credit $ 2 6 13 64 $ 5 18 4 4 Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts...
Required information [The following information applies to the questions displayed below 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): Account Titles Cash Debit Credit $ 4 Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and...
Required information The following informetion applies to the questions displayed below 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 $ 3 Cash Accounts Receivable Supplies Land 12 Equipmont Accumulated Depreciation Software 63 6 18 Accumulated Amortization Accounts Payable Notes...
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 2 Accounts Receivable 6 Supplies 13 Land 0 Equipment Accumulated Depreciation Software Accumulated Amortization 70 $ 5 15 5 Accounts Payable Notes Payable (short- term) Salaries and Wages Payable...
Required information The following information applies to the questions displayed below) 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 54 11 Account Titles Cash Accounts Receivable Supplies Land Equipsent Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-ters) Salaries and...
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): Account Titles Debit Credit Cash $ 3 Accounts Receivable 5 Supplies 12 Land 0 Equipment 63 Accumulated Depreciation $ 6 Software 18 Accumulated Amortization 8 Accounts Payable 5 Notes Payable (short-term) 0 Salaries and Wages...