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): 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 Debit Credit $ 4 4 11 0 59 $ 7 14 6 6 0 0 0 0 66 7 0 0 0 0 0 $92 $92

Answer 1

7.

Transaction	General Journal	Debit	Credit
		$	$
1.	Service Revenue	158
	Salaries and Wages Expense		96
	Depreciation Expense		7
	Amortization Expense		6
	Supplies Expense		17
	Interest Expense		2
	Income Tax Expense		9
	Retained Earnings		21
	To close revenue and expense accounts