Brothers Harry and Herman Hausyerday began operations of their machine shop (H &

Question

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): Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Debit Credit 4 0 68 $ 7 24 6 0 0 83 0 0 0 Totals $111$111

Explanation / Answer

H & H Tool Inc. Trial Balance worksheet for the year ending December 31, 2015 Adjusted Account Debit Credit Cash 53 Accounts Receivable 20 Supplies 11 Land 7 Equipment 68 Accumulated Depreciation - Equipment 14 Software 36 Accumulated Amortization - Software 16 Accounts Payable 9 Notes Payable 13 Salaries Payable 11 Interest Payable 2 Income Tax payable 9 Common Stock 85 Retained Earnings 7 Service Revenue 176 Salaries and wages expense 104 Depreciation expense 7 Amortization expense 8 Income Tax expense 9 Interest Expense 2 Supplies Expense 17 Total 342 342

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