Question

Required Information (The following information applies to the questions displayed below.) Part of 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 2018, follows the amounts are rounded to thousands of dollars to simplifyt 1111 poi Debit Credit Accounts Receivable Supplies Land Equipment Accumulated Depreciation software Accumulated Amortization counts Payable Notes Payable (short-tere) Salaries and ages Payable Interest Payable Income Tax Payable Common Stock watained Earnings service Ravenue! Salaries wages Lente Depreciation Experte Sortiration Experte Income Tax Expense Interest i nte Supplies Expanse Total 392 392 Transactions and events during 2018 marted in thousands of dollars fotow. Borrowed 513 cash on March using a short-term note . Purchased land on March 2 for future bulding site paid cash. 57 cissued additional shares of common stock on April 3 for $25 c Purchased software on July 4, 512 cash. e Purchased supplies on account on October 5 for future use. $17 Pald accounts payable on Novemoer 6. $14 o signed a $30 service contact on November 7 to start February 1, 2019 Recorded revenues of $158 on December 8, ncucing $39 on credt and $119 colected in cos Recognized Barles and w e expense on December 9.584 din cash Colected accounts recevole on December 10.523 Dua for adjusting Journal entries of December 31

Answer 1

Answer:

GENERAL LEDGER Account receivable Date Debit Credit Jan. 01, 2018 Dec. 08 $39,000 Dec. 10 $23,000 Balance $ 4,000 $ 43,000 $20,000 Supplies Date Debit Credit Jan. 01, 2018 Oct.05 $ 17,000 Dec.31 $ 17,000 Balance $ 11,000 $ 28,000 $ 11,000 Cash Date Debit Credit Jan. 01, 2018 Mar.01 $ 13,000 Mar.02 $ 7,000 Apr.03 $ 25,000 Jul.04 $ 12,000 Nov.06 $ 14,000 Dec.08 $ 119,000 Dec. 09 $ 84,000 Dec. 10 $ 23,000 Balance $ 4,000 $ 17,000 $10,000 $ 35,000 $ 23,000 $ 9,000 $ 128,000 $ 44,000 $ 67,000 Account Payable Date Debit Credit Jan.01, 2018 Oct.05 $ 17,000 Nov.06 $ 14,000 Balance $ 6,000 $23,000 $ 9,000 Accumulated Depreciation Date Debit Credit Balance Jan.01, 2018 $ 7,000 Dec.31 $ 7,000 $ 14,000 Date Mar.02 Land Debit Credit $ 7,000 Balance $ 7,000 Equipment Date Debit Credit Jan.01, 2018 Balance $59,000 Date Mar.01 Notes Payable (Short term) Debit Credit Balance $ 13,000 $ 13,000 Software Date Debit Credit Jan.01, 2018 Jul.04 $ 12,000 Balance $ 14,000 $ 26,000 Accumulated Amortization Date Debit Credit Balance Jan.01, 2018 $ 6,000 Dec.31 $ 6,000 $12,000 Common Stock Date Debit Credit Jan.01, 2018 Apr.03 $ 25,000 Balance $ 66,000 $ 91,000 Date Dec.31 Income tax payable Debit Credit | $ 9,000 Balance $ 9,000 Salaries and Wages Payable Date Debit Credit Balance Dec.31 $ 12,000 $12,000 Date Dec.31 Interest Payable Debit Credit $ 2,000 Balance $ 2,000

Date Dec.08 Dec.31 Balance $ 158,000 $ Service Revenue Debit Credit $ 158,000 $ 158,000 Amortization Expense Debit Credit $ 6,000 $ 6,000 Retained Eanings Date Debit Credit Jan.01, 2018 Dec.31 $ 158,000 Dec.31 $ 7,000 Dec.31 $ 6,000 Dec.31 $ 96,000 Dec.31 $ 2,000 Dec.31 $ 9,000 Dec.31 $ 17,000 Date Dec. 31 Dec.31 Depreciation Expense Date Debit Credit Balance Dec.31 $ 7,000 $ 7,000 Dec.31 $ 7,000 $ - Salaries and Wages Expense Date Debit Credit Balance Dec.09 $ 84,000 $ 84,000 Dec.31 $ 12,000 $ 96,000 Dec.31 $96,000 $ - Income Tax Expense Date Debit Credit Balance Dec.31 $ 9,000 $ 9,000 Dec.31 $ 9,000 $ - Balance $ 6,000 $ Balance $ 7,000 $ 165,000 $ 158,000 $ 152,000 $ 56,000 $ 54,000 $ 45,000 $ 28,000 Date Dec.31 Balance $ 2,000 $ - Dec.31 Interest Expense Debit Credit $ 2,000 $ 2,000 Supplies Expense Debit Credit $ 17,000 $ 17,000 Date Dec.31 Dec. 31 Balance $ 17,000 $

POST-CLOSING TRIAL BALANCE
Account Name	Debit	Credit
Cash	$     67,000
Account receivable	20,000
Supplies	11,000
Account payable		$        9,000
Accumulated depreciation		14,000
Land	7,000
Equipment	59,000
Notes payable		13,000
Software	26,000
Accumulated amortization		12,000
Common stock		91,000
Income Tax payable		9,000
Salaries & wages payable		12,000
Interest payable		2,000
Retained earnings		28,000
Total	$ 190,000	$   190,000

GENERAL LEDGER Supplies Credit Cash Account receivable Balance $ 4,000 $43,000 $23,000 $20,000 Balance $ 11,000 $ 28,000 $ 17,000 11,000 Balance $ 4,000 $ 17,000 7,000 10,000 $35,000 12,000 23,000 14,000 9,000 $ 128,000 84,000 44,000 $ 67,000 Debit Credit Debit Credit Debit Date Date Date Jan.01, 2018 Jan.01, 2018 Jan.01, 2018 $ 17,000 $13,000 $39,000 Dec.08 Mar.01 Oct.05 $ Dec.31 Dec.10 Mar.02 $ 25,000 $ Apr.03 Account Payable Credit Accumulated Depreciation Credit Balance Jul.04 Balance $ 6,000 $17,000 $23,000 $9,000 Debit $ Debit Date Date Nov.06 $119,000 $ Jan.01, 2018 Dec.31 $ Jan.01, 2018 7,000 $ 7,000 14,000 Dec.08 Oct.05 Dec.09 $ 23,000 $14,000 Nov.06 Dec.10 Notes Payable (Short term) Debit Land Equipment Credit Balance Credit $ 13,000 13,000 Balance Debit $ 7,000 Balance $ Credit Debit Date Date Date $59,000 Jan.01, 2018 7,000 Mar.02 Mar.01 Software Accumulated Amortization Common Stock Credit Balance $ 14,000 $ 26,000 Credit Balance $6,000 $ 6,000 $12,000 Credit Balance $ 66,000 $ 25,000 91,000 Debit Debit Debit Date Date Date Jan.01, 2018 Apr.03 Jan.01, 2018 Jan.01, 2018 $ 12,000 Jul.04 Dec.31 Salaries and Wages Payable Balance Interest Payable Credit $2,000 $ Income tax payable Debit Balance Credit Balance Credit Debit Debit Date Date Date $12,000 $12,000 9,000 9,000 $ 2,000 Dec.31 Dec.31 Dec.31

Depreciation Expense Debit $ 7,000 Retained Eanings Credit Service Revenue Balance Credit Balance $ 7,000 $158,000 S 165,000 $ 158,000 $ 152,000 $ 56,000 $ 54,000 45,000 $ 28,000 Balance $ 158,000 $ 158,000 $ Debit Debit Credit Date Date Date $ 7,000 $ 7,000 S Salaries and Wages Expense Balance $84,000 $96,000 Jan.01, 2018 Dec.31 Dec.08 $158,000 Dec.31 Dec.31 Dec.31 $ 7,000 $ 6,000 Amortization Expense Dec.31 Credit Balance Debit Debit Credit Dec.31 Date Date $ 6,000 Dec.31 $6,000 $84,000 $12,000 $96,000 Dec.09 Dec.31 $ 2,000 $ 9,000 $ 17,000 $ 6,000 $ Dec.31 Dec.31 Dec.31 $96,000 S Dec.31 Dec.31 Interest Expense Income Tax Expense Dec.31 Balance Balance $ 9,000 9,000 $ Credit Debit Debit Credit Date Date $ 2,000 $ 9,000 $2,000 $ Dec.31 Dec.31 2,000 $ Dec.31 Dec.31 Supplies Expense Credit Balance Debit Date $ 17,000 $ $ 17,000 Dec.31 17,000 $ Dec.31