Question

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.

Answer 1

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