Question

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 bebit credit Accounts Receivable Supplies Land Related Depreciation Software Alteration Notes Payable (short-ter) Salaries and wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and get pense Depreciation Expense tation pence Interest Expense Suplies Expense Totals Transactions and events during 2018 (summarized in thousands of dollars) follow a Borrowed $1 cash on March using a short-term note. b. Purchased and on March 2 for future building site paid cash. 58 c issued additional shares of common stock on April 3 for $30 d Purchased software on July 4 $11 cash e Purchased supplies on account on October 5 for future use. $19 Paid accounts payable on November 6, $12 Signed a $20 service contract on November 7 to start February 1, 2019 h. Recorded revenues of $148 on December 8, including $34 on credit and $114 collected in cash Recognized salaries and wages expense on December 9, $79 paid in cash Collected accounts receivable on December 10, $18 Data for adjusting journal entries as of December 31 Unrecorded mortation for the year on software. $6 Supples counted on December 31, 2018 512 m Depreciation for the year on the equipment, 55 n Interest of $1 to accrue on notes payable o. Salaries and wages earned but not yet paid or recorded. $11. pincome tax for the year was 57. It will be paid in 2019 es e accounts on the balance. Ende beginning balances and post the transactions pt and closing entry Enter your answers in thousands of dollars.) 20 0 Beg Bal ha llega 3011

some of the answers are incorrect and i am trying to get the correct answers

Answer 1

1. Ledgers are correct except cash which hasn't taken into account entry f. Entry is

Accounts payable debit  12

Cash a/c credit 12

Ending balance will be 77-12= 65

2. Adjustment Journal entries are also correct except supplies entry (l)

The ending balance is 12, opening balance is 32, consumed supplies will be 32-12= 20

Supplies Dr. 20,

Supplies Expense Cr. 20

3. Unadjusted trial balance needs to be corrected. Unadjusted trial balance is a trial balance which is before adjustment entries. Below is the corrected unadjusted trial balance-

Unadjusted Trial Balance Debit Credit 65 Account titles Cash Accounts Receivable Supplies Land Equipment Accumulated depreciation Software Accumulate amortization Accounts payable notes payable Salaries and wages payable Interest payable Income tax payable Common stock Retained Earnings Service Revenue Salaries and wages expense Depreciation expense Amortization expense Income tax expense Interest expense Supplies expense SOBE 292 292

4. Adjusted trial balance is after adjustment entries

Unadjusted Trial Balance Adjustments made Adjusted Trial balance Debit Credit Debit Credit Debit Credit 22 12 10 32 12 Account titles Cash Accounts Receivable Supplies Land Equipment Accumulated depreciation Software Accumulate amortization Accounts payable notes payable Salaries and wages payable Interest payable Income tax payable Common stock Retained Earnings Service Revenue Salaries and wages expense Depreciation expense Amortization expense Income tax expense Interest expense Supplies expense 1 7 102 9 148 20 322 292 292 50 50 322

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