I need: Set up T-accounts for the accounts on the trial balance. Enter beginning
ID: 2531752 • Letter: I
Question
I need:
Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions 1-10, adjusting entries 11-16, and closing entry, journal entries from requirement 2 to T-accounts and prepare an unadjusted trial balance, and Prepare the closing journal entry. Thanks in advance!
Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions 1-10, adjusting entries 11-16, and closing entry, journal entries from requirement 2 to T-accounts and prepare an unadjusted trial balance, and Prepare the closing journal entry. Thanks in advance!
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 Debit Credit 59 $ 7 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 Totals $92 $92Explanation / Answer
Cash Accounts Receivable Beg Bal 4 7 2 Beg Bal 4 1 13 84 5 3 39 23 6 3 119 12 7 4 2 14 8 6 23 End Bal 20 End Bal 44 Supplies Land Beg Bal 11 Beg Bal 0 9 17 17 12 2 7 End Bal 11 End Bal 7 Equipent Accumulated Dep-Equipment Beg Bal 59 Beg Bal 7 7 13 End Bal 59 End Bal 14 Software Accumulated Amortization Beg Bal 14 Beg Bal 6 7 12 6 11 End Bal 26 End Bal 12 Accounts Payable Notes Payable Beg Bal 6 Beg Bal 0 8 14 17 9 13 1 End Bal 9 End Bal 13 Salaries and wages payable Interestr Payable Beg Bal 0 Beg Bal 0 12 15 2 16 End Bal 12 End Bal 2 Income Tax Payable Common Stock Beg Bal 0 Beg Bal 66 9 16 2 4 End Bal 9 End Bal 68 Retained Earning Service Revenue Beg Bal 7 Beg Bal 0 Expense 137 158 Service Revenue 158 3 Retained Earning 158 End Bal 28 End Bal 0 Depreciation Expense Amortization Expense Beg Bal 0 Beg Bal 0 13 7 7 retained Earning 11 6 6 Retained Earning End Bal 0 End Bal 0 Income Tax Expense Interest Expense Beg Bal 0 Beg Bal 0 16 9 9 retained Earning 14 2 2 retained Earning End Bal 0 End Bal 0 Salaries and wages expense Supplies Expense Beg Bal 0 Beg Bal 0 5 84 96 retained Earning 12 17 17 retained Earning 15 12 End Bal End Bal Journal Entries: Event Account Debit Credit 1 Cash 13 Note Payable 13 2 Land 7 Cash 7 3 Cash 119 Accounts Receviable 39 Service Ravenue 158 4 Cash 2 Common Stock 2 5 Salaries and Wages Expense 84 Cash 84 6 Cash 23 Accounts Receivable 23 7 Software 12 Cash 12 8 Accounts Payable 14 Cash 14 9 Supplies 17 Accounts payable 17 10 No Entry 11 Amortization Expense 6 Accumulated Amortization 6 12 Supplies Expense (17+11-17) 11 Supplies 11 13 Depreciatio Expnese 7 Accumulated Depreciation 7 14 Interest Expense 2 Interest Payable 2 15 Salaries and wages Expense 12 Salaries and wages payable 12 16 Income tax expense 9 Income tax payable 9 Entry to close revenue and expense account Debit Credit Service Revenue 158 Amortization Expense 7 Depreciation Expense 6 Salaries and wages expense 96 Interest Expense 2 Supplies Expense 17 Income Tax Expense 9 Retained Earning 21 Unadjusted Trial Balance Debit Credit Cash 44 Accounts Receivable 20 Supplies 11 Land 7 Equipment 59 Accumulated Dep 14 Software 26 Accumulated Amortization 12 Accounts Payable 9 Note Payable 13 Salaries and wages payable 12 Interst Payable 2 Income Tax Payable 9 Common Stock 68 Retained Earning 7 Service Revenue 158 Salaries and wages expense 96 Supplies expense 17 Depreciation Expense (7+6) 13 Interest Expense 2 Income Tax Expense 9 304 304