Question

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): Credit Debit $ 3 5 12 60 $G 15 5 5 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 71 8 o 0 D $95 $95 < Prev 14 15 of 20 Next >

Answer 1

Note.

Transaction g will not have any impact on finanacials as no money came in or out. It is after balance sheet item.

		Balance
Account Title		Debit	Credit
Cash		65
Account receviable		21
Suppies		10
Land		9
Equipment		60
Accumulated Dep			12
Software		25
Accumulated Dep			10
Account payable			10
Notes payable (short)			12
Salaries & wages payable			12
Interest payable			1
Income tax payable			8
Common stock			94
Retained earnings			8
Service Revenue			160
Salaries & wages Expenses		97
Dep Expenses		6
Amortisation Expenses		5
Income Tax Expenses		8
Interest Expenses		1
Supplies Expenses		20
Total		$ 327.00	$ 327.00

Cash Account
Date			$ Amount	Date			$ Amount
Jan-01	To opening bal		3		By land		9
Mar-01	ToShort term note		12		By software	10
	To common stock		23		By Account payable	13
	To sales		120		By salaries & wages	85
	To account receviable		24
					By closing balance	65
Accounts Receviable
Date			$ Amount	Date			$ Amount
	To opening Balance		5
					By cash		24
	To sales		40
					By closing balance	21
Supplies
Date			$ Amount	Date			$ Amount
	To opening Balance		12
					BY exepenses	20
	To account payable		18
					By closing balance	10
Salaries & wages payable
Date			$ Amount	Date			$ Amount
	To cash		85		By opening balance
	( current year exep)
	By closing bal		12		By p & l		97
	(unpaid)

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