The following information applies to the questions displayed below.] Brothers Ha
ID: 2490919 • Letter: T
Question
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, 2013. The annual reporting period ends December 31. The trial balance on January 1, 2015, follows (the amounts are rounded to thousands of dollars to simplify):
Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions 1-10, adjusting entries 11-16, and closing entry.
Explanation / Answer
Cash Accounts Receivable Supplies Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) To Balance b/d 4 By Land 7 To Balance b/d 4 By Cash 29 To Balance b/d 11 By Supplies expenses 17 To Notes Payable 13 BY Salaries and wages 90 To Service Revenue 45 To Accounts Payable 17 BY Balance c/d 11 To Service Revenue 125 By Software 12 To Common Stock 2 By Balance c/d 94 BY Balance c/d 20 To Accounts Receivable 29 To Unearned service revenue 30 Total 203 203 49 49 28 28 Land Equipment Accumulated depreciation Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) To Balance b/d 0 BY balance c/d 7 To Balance b/d 65 BY balance c/d 65 To Balance c/d 14 By Balance b/d 7 To Cash 7 By Depreciation 7 Total 7 7 Total 65 65 Total 14 14 Software Accumulated ammortization Accounts Payable Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) To Balance b/d 21 By balance c/d 33 To Balance c/d 10 By Balance b/d 5 By Balance b/d 0 To Cash 12 BY Software 5 To Cash 14 BY Supplies 17 To Balance c/d 3 Total 33 33 Total 10 10 17 17 Notes Payable (Short term) Salaries and wages payable Interest Payable Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) To Balance c/d 13 By Balance b/d 0 To Balance c/d 11 By Balance b/d 0 By Balance b/d 0 BY Cash 13 By Salaries 11 BY Profit and loss 2 BY Interest Expenses 2 Total 13 13 11 11 2 2 Income Tax Payable Common Stock Retained Earning Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) To Balance c/d 9 By Balance b/d 0 BY Balance c/d 82 By Balance b/d 80 To Balance c/d By Balance b/d 7 BY Income tax 9 By Cash 2 Total 9 9 82 82 7 7 Service Revenue Salaries and wages expense Depreciation Expenses Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) To Balance b/d 0 BY Cash 125 To Balance b/d 0 BY Profit and loss 101 To Balance b/d 0 BY profit and loss 7 To Profit and loss 170 BY Accounts Receivable 45 To Cash 90 To Accumulated depreciation 7 To Salaries Payable 11 Total 170 170 101 101 7 7 Amortization Expenses Income Tax expenses Interest Expenses Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) To Balance b/d 0 BY profit and loss 5 To Balance b/d 0 BY profit and loss 9 To Balance b/d 0 BY profit and loss 2 To Accumulated amortization 5 To Income taxpayable 9 To Interest Payable 2 Total 5 5 9 9 2 2 Supplies expenes Unearned service Revenue Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) Particulars Amount ($) To Balance b/d 0 BY profit and loss 17 To Balance c/d 30 By Cash 30 To Supplies 17 Total 17 17 30 30
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