Question

Record the adjusting journal entries (k) through (p). (If 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.)

Post the adjusting entries and prepare an adjusted trial balance. (Enter your answers in thousands of dollars.)

Required information The following information applies to the questions displayed below) Intemational celebrity Jay and Goku began operations of their machine shop (J&G 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 Accounts Receivable Supplies = Land - Equipment 3 Accumulated depreciation Software Accumulated amortization Accounts payable Notes payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock 72 Retained earnings Service revenue Salaries and wages expense Depreciation expense Amortization expense Income tax expense Interest expense Supplies expense Totals $99

Answer 1

Adjusting Entries
Events	Particulars			Debit	Credit
K)	Amortization Expense			$      7.00
	To Accumulated Amortization				$      7.00
L)	Supplies Expense			$   17.00
	To Supplies				$   17.00
M)	Depreciation Expense			$      7.00
	To Accumulated Depreciation				$      7.00
N)	Interest Expense			$      2.00
	To Interest Payable				$      2.00
O)	Salaries and Wages Expense			$   11.00
	To Salaries and Wages Payable				$   11.00
P)	Income Tax Expense			$      9.00
	To Income Tax Payable				$      9.00

Adjusted Trial Balance
Particulars			Debit	Credit
Cash			$   70.00
Accounts Receivable			$   20.00
Supplies			$   11.00
Land			$      7.00
Equipment			$   62.00
Accu. Dep				$   14.00
Software			$   30.00
Accu. Amor				$   14.00
Accounts Payable				$      9.00
Notes Payable				$   13.00
Salaries and Wages Payable				$   11.00
Interest Payable				$      2.00
Income Tax Payable				$      9.00
Common Stock				$   97.00
Retained Earnings				$      7.00
Service Revenue				$ 164.00
Salaries and Wages Expense			$   98.00
Depreciation Expense			$      7.00
Amortization Expense			$      7.00
Income Tax Expense			$      9.00
Interest Expense			$      2.00
Supplies Expense			$   17.00
Total			$ 340.00	$ 340.00