1 answer

Required information [The following information applies to the questions displayed below.] Brothers Harry and Herman Hausyerday...

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):

Account Titles Debit Credit
Cash $ 4
Accounts Receivable 4
Supplies 11
Land 0
Equipment 59
Accumulated Depreciation $ 7
Software 14
Accumulated Amortization 6
Accounts Payable 6
Notes Payable (short-term) 0
Salaries and Wages Payable 0
Interest Payable 0
Income Tax Payable 0
Common Stock 66
Retained Earnings 7
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 $ 92 $ 92

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

  1. Borrowed $13 cash on March 1 using a short-term note.
  2. Purchased land on March 2 for future building site; paid cash, $7.
  3. Issued additional shares of common stock on April 3 for $25.
  4. Purchased software on July 4, $12 cash.
  5. Purchased supplies on account on October 5 for future use, $17.
  6. Paid accounts payable on November 6, $14.
  7. Signed a $30 service contract on November 7 to start February 1, 2019.
  8. Recorded revenues of $158 on December 8, including $39 on credit and $119 collected in cash.
  9. Recognized salaries and wages expense on December 9, $84 paid in cash.
  10. Collected accounts receivable on December 10, $23.

Data for adjusting journal entries as of December 31:

  1. Unrecorded amortization for the year on software, $6.
  2. Supplies counted on December 31, 2018, $11.
  3. Depreciation for the year on the equipment, $7.
  4. Interest of $2 to accrue on notes payable.
  5. Salaries and wages earned but not yet paid or recorded, $12.
  6. Income tax for the year was $9. It will be paid in 2019.
  1. Prepare an unadjusted trial balance. (Enter your answers in thousands of dollars.)

Answers

Unadjusted trial balance

H & H Tool inc.
Unadjusted trial balance
For the year ended December 31, 2018
(in thousands)
Account titles Debit Credit
Cash (4+13-7+25-12-14+119-84+23) 67
Accounts receivable (4+39-23) 20
Supplies (11+17) 28
Land 7
Equipment 59
Accumulated depreciation 7
Software (14+12) 26
Accumulated amortization 6
Accounts payable (6+17-14) 9
Notes payable (short-term) (0+13) 13
Salaries and wages payable 0
Interest payable 0
Income taxes payable 0
Common stock (66+25) 91
Retained earnings 7
Service revenue 158
Salaries and wages expense 84
Supplies expense 0
Depreciation expense 0
Interest expense 0
Income tax expense 0
Totals 291 291
.

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