Question

Required information C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6) [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): Debit Credit $ 4 4 11 0 59 $ 7 14 6 6 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 Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals 0 0 0 0 66 7 0 0 0 0 0 0 0 $92 $92

Answer 1

67 59 $ 13 Adjusted Trial Balance Accounts Title Debit Credit Cash $ 4+13-7+25-12-14+119-84+23 Accounts Receivable $ 20 4+39-23 Supplies $ 11 11+17-17 Land $ 7 Equipment $ Accumulated Depreciation $ 14 7+7 Software $ 26 14+12 Accumulated amortisation 12 6+6 Accounts Payable $ 9 6+17-14 Notes Payable(short term) $ Salaries & wages payable $ 12 Interest payable $ 2 Income taxes payable $ 9 Common stock $ 91 66+25 Retained Earnings $ 7 Service Revenue $ 158 Salaries & wages expenses $ 96 84+12 Depreciation Expenses $ 7 Amortisation expenses $ 6 Income taxes expenses $ 9 Interest Expenses $ 2 Supplies Expenses $ 17 Total $ 327 $ 327 AA $ $ $ $