Question

Recount Tibles Debit Credit ABOS accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated mortisation Recounts 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 mortisation Expense Income Tax Expense Interest Expense Supplies Expense Totals OOOO OOOOOOO $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. 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 pald or recorded. $13. p. Income tax for the year was $7. It will be paid in 2019

Answer 1

ABC EF 3T T Credit H & H Tool, Inc. u nadjusted trial balance as at December 31, 2018 (in thousands) Account Titles Debit Cash $ 75 Accounts Receivable $ 22 Supplies $ 32 Land $8 Equipment $ 70 Accumulated Depreciation Software $ 26 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 $ 95 Depreciation Expense Amortization Expense I Income Tax Expense Interest Expense Supplies Expense Totals $ 328 $ 5 $ 11 $ 11 $0 $0 $0 $ 107 $9 $ 180 SO SO SO $328

for formulas and calculations, refer to the image below -

Credit H & H Tool, Inc. unadjusted trial balance as at December 31, 2018 in thousands) Account Titles Debit Cash =2+11-8+24-11-12+130-95+34 Accounts Receivable =6+50-34 Supplies =13+19 Land =0+8 Equipment =70 Accumulated Depreciation Software -15+11 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 =0+95 Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals =SUM(D7:028) =4+19-12 =0+11 =83+24 =0+180 U16 =SUM(E7:E28)

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