1 answer

At December 31, the unadjusted trial balance of H&R Tacks reports Software of $28,500 and and...

Question:

At December 31, the unadjusted trial balance of H&R Tacks reports Software of $28,500 and and zero balances in Accumulated Amortization and Amortization Expense. Amortization for the period is estimated to be $5,700.

Required:

  1. Prepare the adjusting journal entry on December 31.

  2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.

Journal entry worksheet < 1 Record the adjusting entry on December 31. Note: Enter debits before credits Date General JournalComplete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the T-accounts for each acco

Journal entry worksheet < 1 Record the adjusting entry on December 31. Note: Enter debits before credits Date General Journal Debit Credit December 31 Record entry Clear entry View general journal
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Accumulated Amortization Amortization Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. < Required 1 Required 2

Answers

Adjusting entry
S.no. Accounts title and explanation Debit $ Credit $
a. Amortization expenses 5700
    Accumulated Amortization 5700
(for amortization expenses)
ACCUMULATED AMORTIZATION
Debit $ Credit $
Beg. Balance 0
5700 Amortization expense
Ending balance 5700
AMORTIZATION EXPENSE
Debit $ Credit $
Beg. Balance 0
Acc. Amortization 5700
Ending balance 5700
.

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