Question

6 70 $ 5 Required Information [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 Debit Credit Cash $ 2 Accounts Receivable Supplies 13 Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock 83 Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals $106 $106 15 5 4 9 a a @ @ Transactions and events during 2018 (summarized in thousands of dollars) follow: a. Borrowed $11 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site: paid cash. $8. 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. f. Paid accounts payable on November 6, $12. 9. Signed a $20 service contract on November 7 to start February 1, 2019. h. Recorded revenues of $180 on December 8, including $50 on credit and $130 collected in cash. i. Recognized salaries and wages expense on December 9. $95 paid in cash. j. Collected accounts receivable on December 10, $34. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software. $5. 1. Supplies counted on December 31, 2018. $12. m. Depreciation for the year on the equipment. $5. n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $13. p. Income tax for the year was $7. It will be paid in 2019. 1, 3, 5 and 8. Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions (a)-0). adjusting entries (k)-(0). and closing entry. (Enter your answers in thousands of dollars.)

I have included two images with the question. I am needing help setting up T-accounts

Answer 1

B С D E F G H 1 J K L M N 0 P A T-Accounts Beg. Bal. d Ending Bal Software 15 11 for cash 26 Common stock Beg. Bal. 83 с 24 issued Ending Bal 107 Interest expense Beg. Bal. 0 n 1 Ending Bal 1 Accounts payable Beg. Bal. 4 e 19 supplies f -12 cash paid Ending Bal 11 Retained earnings Beg. Bal. 9 Ending Bal 9 Supplies expense Beg. Bal. 0 1 20 utilised Ending Bal 20 Service revenue Beg. Bal. 0 h 180 service done Ending Bal 180 Equipment 70 Beg. Bal. CASH Beg. Bal. 2 А 11 Short term note B -8 Land с 24 common stock d -11 software f f -12 accounts payable . 130 revenue Di -95 salary & wages 1 i 34 accounts receiv. 2 ending Bal. 75 3 4 Accounts receivable 5 Beg. Bal. 6 5 h 50 revenue 7 i -34 cash collected Bending Bal. 22 3 Supplies 1 Beg. Bal. 13 2 e 19 purchased 31 -20 utilised Ending Bal 12 5 5 Land 7 Beg. Bal. 0 в Б 8 Cash paid Ending Bal 8 Notes payable (Short term) Beg. Bal. 0 A 11 Cash borrowed Ending Bal 11 Accumulated depreciation Beg. Bal. 5 5 Ending Bal 10 m Salaries & wages expense Beg. Bal. 0 i 95 for cash 0 13 Ending Bal 108 Salaries & wages payable Beg. Bal. 0 o 13 Ending Bal 13 Accumulated Amortisation Beg. Bal. 5 k 5 adjusting Ending Bal 10 Interest payable o Depreciation expense Beg. Bal. 0 m 5 adjusting entry Ending Bal 5 Beg. Bal. 1 Ending Bal 1 Income tax expense Beg. Bal. 0 р 7 Income tax payable Beg. Bal. 0 p Ending Bal 7 Amortisation expense Beg. Bal. 0 k 5 adjusting entry Ending Bal 5 7 1