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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		6
Supplies		13
Land		0
Equipment		57
Accumulated Depreciation				$	5
Software		18
Accumulated Amortization					8
Accounts Payable					4
Notes Payable (short-term)					0
Salaries and Wages Payable					0
Interest Payable					0
Income Tax Payable					0
Common Stock					70
Retained Earnings					9
Service Revenue		0
Salaries and Wages Expense		0
Depreciation Expense		0
Amortization Expense		0
Income Tax Expense		0
Interest Expense		0
Supplies Expense		0
Totals	$	96		$	96

Transactions and events during 2018 (summarized in thousands of dollars) follow:

1. Borrowed $11 cash on March 1 using a short-term note.
2. Purchased land on March 2 for future building site; paid cash, $8.
3. Issued additional shares of common stock on April 3 for $27.
4. Purchased software on July 4, $11 cash.
5. Purchased supplies on account on October 5 for future use, $19.
6. Paid accounts payable on November 6, $12.
7. Signed a $20 service contract on November 7 to start February 1, 2019.
8. Recorded revenues of $154 on December 8, including $37 on credit and $117 collected in cash.
9. Recognized salaries and wages expense on December 9, $82 paid in cash.
10. Collected accounts receivable on December 10, $21.

Data for adjusting journal entries as of December 31:

11. Unrecorded amortization for the year on software, $8.
12. Supplies counted on December 31, 2018, $12.
13. Depreciation for the year on the equipment, $5.
14. Interest of $1 to accrue on notes payable.
15. Salaries and wages earned but not yet paid or recorded, $11.
16. Income tax for the year was $7. It will be paid in 2019.

8. Post the closing entry from requirement 7 and prepare a post-closing trial balance. (Enter your answers in thousands of dollars.)

someone please help!!

Answer 1

H & H Tool, Inc. (Amount in '000) Debit in $ Credit in $ Journal Enteries Date Particulars 1.3.2018 Cash a/c Dr. To Note Payable (Being Note Payable issued) 2.3.2018 Land a/c Dr. To Cash (Being Land purchased in cash) 8.12.2018 Cash a/c Dr. Accounts Receivable a/c Dr. To service revenue (Being Revenue earned in cash and credit) 3.4.2018 Cash a/c Dr. To Common Stock (Being Common Stock issued for cash) 9.12.2018 |Salaries and wages expense a/c Dr. To Cash (Being salaries and wages paid in cash) 82 10.12.2018 Cash a/c Dr. To Accounts Receivable (Being Cash received from debtors) 4.7.2018 Software a/c Dr. To Cash (Being Software purchased for cash) 11 6.11.2018 Accounts Payable a/c Dr. To Cash (Being Accounts Payable paid in cash) 12 5.10.2018 Supplies a/c Dr. To Accounts Payable (Being Supplies purchased on account)

Adjusting Enteries Date Particulars Credit in $ 31.12.2018 Amortization on software a/c Dr. To accumulated amortization |(Being amortization of software charged to Software) 31.12.2018 Supplies Expense a/c Dr. 20 To Supplies (Being Supplies expense charged to Supplies) 20 Dr. 31.12.2018 Depreciation a/c 5 To accumulated depreciation |(Being Depreciation on equipment charged to Equip.) 5 31.12.2018 Interest Expense a/c Dr. To Interest Payable |(Being Interest accrued on Note Payable) 31.12.2018 Salaries and wages expense a/c Dr. To Salaries and wages payable (Being Salary Expense accrued) Dr. 31.12.2018 Income tax expense a/c To Income Tax Payable (Being Income tax accrued) 93 Closing Enteries Date Particulars Debit in $ Credit in $ 31.12.2018 Income Summary a/c Dr. To Salaries and wages expense To Depreciation Expense 5 To Amortization Expense 8 To Income tax expense To Interest Expense To Supplies Expense 20 (Being expense accounts closed 31.12.2018 Service Revenue a/c Dr. To Income Summary Being Revenue accounts closed 154 31.12.2018 Income Summary a/c Dr. To Retained Earnings (Being Income summary closed)

Adjusted Trial Balance For the period ending 31.12.2018 Unadjusted Adjustment Adjusted Post Closing Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 22 20 Particulars 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 Earning Service revenue Salaries and wages expense Depreciation Expense Amortization Expense Income tax expense Interest Expense Supplies Expense Totals 154 82 20 334 302 302 52 52 334 193 193