Question

Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual

Transactions and events during 2018 (summarized in thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a shor

  1. 1, 3, 5 and 8. Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions (a)-(j), adjusting entries (k)-(p), and closing entry. (Enter your answers in thousands of dollars.)

Supplies Expense Beg. Bal. (i) ® 20 20 CE ♡ End. Bal. OBeg. Bal. CE1 Retained Earnings 8% 23 X End. Bal. 31Beg. Bal. |(e) Accounts Payable 5 13 X 18 X X End. Bal. 10Interest Payable Salaries and Wages Payable 0 X 12 X Beg. Bal. (0) 0 Beg. Bal. |(n) 1 End. Bal. L 12 L End. Bal. L 1 L Beg. BAccumulated Depreciation Beg. Bal. 6 X |(m) End. Bal. 12 Accumulated Amortization Beg. Bal. 8 x (k) X 8 X End. Bal. 16 Beg. BSupplies 12 18 Beg. Bal. (e) 20% End. Bal. 10Cash 3 9 x Beg. Bal. |(h) Accounts Receivable 5 16 X 32 Beg. Bal. (a) |(h) (c) 10) 77 10 12 112 32 16 © 13 End. Bal. 21 End.

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1 Prepare T-Accounts as shown below Retained Earnings Supplies Expense S0 $20 Beg. Bal (I) $8 Beg. Bal $24 CE3 (Note) $32 End

Notes Payable (short-term) $O Beg. Bal. $12 (a) Accumulated Amortization $8 Beg. Bal $8 (k) $0 $0 $16 End. Bal $12 End. Bal (

Note: Determine the amount of net income transferred to retained earnings as shown below: Service Revenue Less: Expenses Sala

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