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cure https://newconnect.mheducation.com/flow/connect.html place your bookmarks here on the bookmarks bar. Import bookmarks now." Practice Set Saved He Transactions during 2015 (summarized in thousands of dollars) follow 1. Borrowed $12 cash on March 1 using a short-term note 2. Purchased land on March 2 for future building site; paid cash, $9. 3. Issued additional shares of common stock on April 3 for $23. 4. Purchased software on July 4, $10 cash Purchased supplies on account on October 5 for future use, $18 6. Paid accounts payable on November 6, $13 7. Signed a $25 service contract on November 7 to start February 1, 2016. 8 Recorded revenues of $160 on December 8, including $40 on credit 6. and $120 collected in cash. g Recognized salaries and wages expense on December 9, $85 paid in ces 8. 9. cash. 10.Collected accounts receivable on December 10. $24 Data for adjusting journal entries as of December 31 11. Unrecorded amortization for the year on software, $5 12 Supplies counted on December 31, 2015, $10 13.Depreciation for the year on the equipment, $6. 14.Interest of $1 to accrue on notes payable 15.Salaries and wages earned but not yet pad or recorded, $12 16.Income tax for the year was $8. It will be paid in 2016. Enter all of your answers in thousands of dollars. (i.e, $100,000 should be entered as $100) Ledger Thial Balance Income Statement of GeneralTrial Balance Statement Earnings Retained Balance Sheet Analysis Requirement Journal Prepare the journal entries to record transactions (1) through (10). Then prepare the necessary adjusting entries through (16) to correctly report net income for the period. Then record the closing entry (17) as of December 31, answers in thousands of dollars. (i.e, $100,000 should be entered as $100). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Explanation / Answer

General Journal:

Adjusting Entries:

H & H Tool Inc.

Adjusted Trial Balance

December 31, 2015

H & H Tools Inc.

Income Statement

For the year ended December 31, 2015

Transaction / Event Account Titles Debit Credit $ $ 1. Cash 12 Note Payable 12 2. Land 9 Cash 9 3. Cash 23 Common Stock 23 4. Software 10 Cash 10 5. Supplies 18 Accounts Payable 18 6. Accounts Payable 13 Cash 13 7. No journal entry required 8. Cash 120 Accounts Receivable 40 Service Revenue 160 9. Salaries and Wages Expense 85 Cash 85 10. Cash 24 Accounts Receivable 24

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