From Recording Transactions (Including Adjusting Journal Entries) to Preparing F
ID: 2530339 • Letter: F
Question
From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6]
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INCLUDE journal entires, adjusting journal entires, T-accounts,unadjusted trial balance, adjusted trial balance,income statement, statement of retained earnings, closing journal entry, post-closing trial balance
[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):Explanation / Answer
Answer 1, 4 , 7 Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1 Cash 11.00 Notes Payable - Short Term 11.00 2 Land 8.00 Cash 8.00 3 Accounts Receivable 47.00 Cash 127.00 Service Revenue 174.00 4 Cash 4.00 Common Stock 4.00 5 Salaries & Wages Expense 92.00 Cash 92.00 6 Cash 31.00 Accounts Payable 31.00 7 Software 11.00 Cash 11.00 8 Accounts Payable 12.00 Cash 12.00 9 Supplies 19.00 Accounts Payable 19.00 10 No Entry Adjusting Entry 11 Amortization Expense 7.00 Accumulated Amortization 7.00 12 Supplies Expense 20.00 Supplies 20.00 13 Depreciation Expense 5.00 Accumulated Depreciation 5.00 14 Interest Expense 1.00 Interest Payable 1.00 15 Salaries & Wages Expense 13.00 Salaries & Wages Payable 13.00 16 Income Tax Expense 7.00 Income Tax Payable 7.00 Closing Entry 17 Income Summary 145.00 Salaries & Wages Expense 105.00 Depreciation Expense 5.00 Amortization Expense 7.00 Income Tax Expense 7.00 Interest Expense 1.00 Supplies Expense 20.00 18 Service Revenue 174.00 Income Summary 174.00 19 Income Summary 29.00 Retained Earnings 29.00 Answer 3,5 & 8. Cash Accounts Receivable Supplies Beg. Bal. 2.00 8.00 2 Beg. Bal. 6.00 31.00 6 Beg. Bal. 13.00 20.00 12 1 11.00 92.00 5 3 47.00 9 19.00 3 127.00 11.00 7 4 4.00 12.00 8 6 31.00 End. Bal. 52.00 End. Bal. 22.00 End. Bal. 12.00 Land Equipment Accumulated Depreciation Beg. Bal. - Beg. Bal. 67.00 Beg. Bal. 5.00 2 8.00 5.00 13 End. Bal. 8.00 End. Bal. 67.00 End. Bal. 10.00 Software Accumulated Amortization Accounts Payable Beg. Bal. 21.00 Beg. Bal. 7.00 Beg. Bal. 4.00 7 11.00 7.00 11 8 12.00 19.00 9 End. Bal. 32.00 End. Bal. 14.00 End. Bal. 11.00 Notes Payable (Short Term) Salaries & Wages Payable Interest Payable Beg. Bal. - Beg. Bal. - Beg. Bal. - 11.00 1 13.00 15 1.00 14 End. Bal. 11.00 End. Bal. 13.00 End. Bal. 1.00 Income Tax Payable Common Stock Retained Earnings Beg. Bal. - Beg. Bal. 84.00 Beg. Bal. 9.00 7.00 16 4.00 4 End. Bal. 7.00 End. Bal. 88.00 End. Bal. 9.00 29.00 19 Cls. Bal. 38.00 Service Revenue Salaries & Wages Expense Depreciation Expense Beg. Bal. - Beg. Bal. - Beg. Bal. - 174.00 3 5 92.00 13 5.00 15 13.00 End. Bal. 174.00 End. Bal. 105.00 End. Bal. 5.00 18 174.00 105.00 17 5.00 17 Cls. Bal. - Cls. Bal. - Cls. Bal. - Amortization Expense Income Tax Expense Interest Expense Beg. Bal. - Beg. Bal. - Beg. Bal. - 11 7.00 16 7.00 14 1.00 End. Bal. 7.00 End. Bal. 7.00 End. Bal. 1.00 7.00 17 7.00 17 1.00 17 Cls. Bal. - Cls. Bal. - Cls. Bal. - Supplies Expense Beg. Bal. - 12 20.00 End. Bal. 20.00 20.00 17 Cls. Bal. - Answer 3. H & H Tools Inc Adjusted Trial Balance For the Year Ended Dec 31-2015 Accounts Title Debits Credits Cash 52.00 Accounts Receivable 22.00 Supplies 12.00 Land 8.00 Equipment 67.00 Accumulated Depreciation 10.00 Software 32.00 Accumulated Amortization 14.00 Accounts Payable 11.00 Notes Payable (Short Term) 11.00 Salaries & Wages Payable 13.00 Interest Payable 1.00 Income Tax Payable 7.00 Common Stock 88.00 Retained Earnings 9.00 Service Revenue 174.00 Salaries & Wages Expense 105.00 Depreciation Expense 5.00 Amortization Expense 7.00 Income Tax Expense 7.00 Interest Expense 1.00 Supplies Expense 20.00 Total 338.00 338.00 - Answer 2. H & H Tools Inc Unajusted Trial Balance For the Year Ended Dec 31-2015 Accounts Title Debits Credits Cash 52.00 Accounts Receivable 22.00 Supplies 32.00 Land 8.00 Equipment 67.00 Accumulated Depreciation 5.00 Software 32.00 - Accumulated Amortization 7.00 Accounts Payable 11.00 Notes Payable (Short Term) 11.00 Salaries & Wages Payable - Interest Payable - Income Tax Payable - Common Stock 88.00 Retained Earnings 9.00 Service Revenue 174.00 Salaries & Wages Expense 92.00 Depreciation Expense - Amortization Expense - Income Tax Expense - Interest Expense - Supplies Expense - Total 305.00 305.00 - Answer 6-a. H & H Tools Inc Income Statement For the Year Ended Dec 31-2015 Revenue: Service Revenue 174.00 Expense: Salaries & Wages Expense 105.00 Depreciation Expense 5.00 Amortization Expense 7.00 Interest Expense 1.00 Supplies Expense 20.00 138.00 Net Income Before Tax 36.00 Income Tax Expense 7.00 Net Income 29.00 Answer 6-b. H & H Tools Inc Statement Of Retained Earnings For the Year Ended Dec 31-2015 Beginning Balance 9.00 Net Income 29.00 Ending Balance 38.00 Answer 6-c. H & H Tools Inc Balance Sheet Dec 31-2015 Assets Current assets Cash 52.00 Accounts Receivable 22.00 Supplies 12.00 86.00 Property, Plant & Equipment Land 8.00 Equipment 67.00 Accumulated Depreciation (10.00) 57.00 Software 32.00 Accumulated Amortization (14.00) 18.00 83.00 Total Assets 169.00 Liabilities & Stockholders' Equity Liabilities Current Liabilities Accounts Payable 11.00 Notes Payable (Short Term) 11.00 Salaries & Wages Payable 13.00 Interest Payable 1.00 Income Tax Payable 7.00 43.00 Other Liabilities - Total Liabilities 43.00 Stockholders' Equity Common Stock 88.00 Retained Earnings 38.00 Total Stockholders' Equity 126.00 Total Liabilities & Stockholders' Equity 169.00
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