Question

In: Accounting

Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.)...

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 $ 3
Accounts Receivable 5
Supplies 12
Land 0
Equipment 69
Accumulated Depreciation $ 6
Software 24
Accumulated Amortization 4
Accounts Payable 5
Notes Payable (short-term) 0
Salaries and Wages Payable 0
Interest Payable 0
Income Tax Payable 0
Common Stock 90
Retained Earnings 8
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 $ 113 $ 113

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

a) Borrowed $12 cash on March 1 using a short-term note.

b) Purchased land on March 2 for future building site; paid cash, $9.

c) Issued additional shares of common stock on April 3 for $23.

d) Purchased software on July 4, $10 cash.

e) Purchased supplies on account on October 5 for future use, $18.

f) Paid accounts payable on November 6, $13.

g) Signed a $25 service contract on November 7 to start February 1, 2019.

h) Recorded revenues of $178 on December 8, including $49 on credit and $129 collected in cash.

i) Recognized salaries and wages expense on December 9, $94 paid in cash.

j) Collected accounts receivable on December 10, $33.

Data for adjusting journal entries as of December 31:

k) Unrecorded amortization for the year on software, $4.

l )Supplies counted on December 31, 2018, $10.

m) Depreciation for the year on the equipment, $6.

n) Interest of $1 to accrue on notes payable.

o) Salaries and wages earned but not yet paid or recorded, $12.

p) Income tax for the year was $8. It will be paid in 2019.

Prepare an unadjusted trial balance. (Enter your answers in thousands of dollars.)

Solutions

Expert Solution

H & H Tool, Inc.
Trial Balance
December 31, 2018
Unadjusted Adjustment Adjusted
Account Titles Debit Credit Debit Credit Debit Credit
Cash 74 74
Accounts Receivable 21 21
Supplies 30 20 10
Land 9 9
Equipment 69 69
Accumulated Depreciation 6 6 12
Software 34 4 30
Accumulated Amortization 4 4
Accounts Payable 10 10
Notes Payable (short-term) 12 12
Salaries and Wages Payable 0 12 12
Interest Payable 0 1 1
Income Tax Payable 0 8 8
Common Stock 113 113
Retained Earnings 8 8
Service Revenue 178 178
Salaries and Wages Expense 94 12 106
Depreciation Expense 0 6 6
Amortization Expense 0 4 4
Income Tax Expense 0 8 8
Interest Expense 0 1 1
Supplies Expense 0 20 20
Totals 331 331 51 51 358 358

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