Question

Required information [The following information applies to the questions displayed below) Brothers Harry and Herman Hubyerday began operations of their machine shop & H Tooling) on January 2016. The annual reporting period endis December 3: The trial balance on January 1 2018. Allows the amounts are rounded to thousands of dollars to simply Datest SELLER S We pene Transactions and events during 2018 summarized in thousands of dollars) follow Borrowed $11 cash on March 1 using a short-term note. b. Purchased and on March 2 for future building site; paid cash, $a. 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. Paid accounts payable on November 6, $12 g. Signed a $20 service contract on November 7 to start February 1, 2019 h. Recorded revenues of $100 on December 8, including $50 on credit and $150 collected in cash 1. Recognized salaries and wages expense on December 9, $95 paldin cash J. Collected accounts receivable on December 10, $34 Data for adjusting Journal entries as of December 31 Unrecorded amortization for the year on software, S5 Supples counted on December 2010 $12 m. Depreciation for the year on the equipment. $5. it. Interest of $ito sccrue on notes payable a: Salaries and wages earned but not yet paid or recorded. $15 Income tax for the year was $7. It will be paid in 2019 Required 2. Record journal entries for transactions through 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)

Answer 1

	Date	Account	Debit	Credit
a	1-Mar	Cash	$         11
		Note Payable (Short term)		$         11
		(To record Cash borrowed)
b	2-Mar	Land	$           8
		Cash		$           8
		(To record cash paid to purchase land)
c	3-Apr	Cash	$         24
		Common Stock		$         24
		(To record issue of common stock)
d	4-Jul	Software	$         11
		Cash		$         11
		(To record software purchased)
e	5-Oct	Supplies	$         19
		Accounts Payable		$         19
		(T record supplies purchased on account)
f	6-Nov	Accounts Payable	$         12
		Cash		$         12
		(To record cash paid to accounts payable)
g	7-Nov	No entry
		(There has been no transaction taken place)
h	8-Dec	Accounts Receivable	$    50.00
		Cash	$ 130.00
		Service Revenue		$ 180.00
		(To record revenue )
i	9-Dec	Salaries and Wages Expense	$    95.00
		Cash		$   95.00
		(To record salaries and wages expense)
j	10-Dec	Cash	$    34.00
		Accounts Receivable		$   34.00
		(TO record cash collected on accounts receivable)