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 $ 4
Accounts Receivable 4
Supplies 11
Land 0
Equipment 62
Accumulated Depreciation $ 7
Software 18
Accumulated Amortization 7
Accounts Payable 6
Notes Payable (short-term) 0
Salaries and Wages Payable 0
Interest Payable 0
Income Tax Payable 0
Common Stock 72
Retained Earnings 7
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 $ 99 $ 99

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

Borrowed $13 cash on March 1 using a short-term note.

Purchased land on March 2 for future building site; paid cash, $7.

Issued additional shares of common stock on April 3 for $25.

Purchased software on July 4, $12 cash.

Purchased supplies on account on October 5 for future use, $17.

Paid accounts payable on November 6, $14.

Signed a $30 service contract on November 7 to start February 1, 2019.

Recorded revenues of $164 on December 8, including $42 on credit and $122 collected in cash.

Recognized salaries and wages expense on December 9, $87 paid in cash.

Collected accounts receivable on December 10, $26.

Data for adjusting journal entries as of December 31:

Unrecorded amortization for the year on software, $7.

Supplies counted on December 31, 2018, $11.

Depreciation for the year on the equipment, $7.

Interest of $2 to accrue on notes payable.

Salaries and wages earned but not yet paid or recorded, $11.

Income tax for the year was $9. It will be paid in 2019.

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

Solutions

Expert Solution

Date

Accounts Title

Debit

Credit

Mar-01

Cash

13

   Notes Payable (Short- term)

13

Mar-02

Land

7

Cash

7

Apr-03

Cash

25

   Common Stock

25

Jul-04

Software

12

   Cash

12.0000

Oct-05

Supplies

17

   Accounts Payable

17

Nov-06

Accounts Payable

14

   Cash

14

Nov-07

No Journal Entry Required

Dec-08

Cash

122

Accounts Receivables

42

   Service Revenue

164

Dec-09

Salaries and Wages

87

Cash

87

Dec-10

Cash

26

Accounts Receivables

26

Unadjusted Trail Balance:

Adjust the opening balance of accounts presented in trial balance on January 1, 2016 for the above transactions to prepare unadjusted trial balance.


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