Required: Prepare a post-closing trial balance. Note: Enter your answers...
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Required: Prepare a postclosing trial balance. Note: Enter your answers in thousands of dollars.Brothers Huey and Hiram Hausyerday began operations of their machine shop H & H Tool, Incorporated on January The annual reporting period ends December The trial balance on January follows the amounts are rounded to thousands of dollars to simplify: Transactions and events during summarized in thousands of dollars follow: a Borrowed $ cash on March using a shortterm note. b Purchased land on March for future building site; paid cash, $ c Issued additional shares of common stock on April for $ d Purchased software on July $ cash. e Received supplies on account on October for future use, $ Paid accounts payable on November $ g Signed a contract on November to provide $ of services starting February Recorded revenues of $ on December including $ on credit and $ collected in cash. i Recognized salaries and wages expense on December $ paid in cash. j Collected accounts receivable on December $ Data for adjusting journal entries as of December : k Unrecorded amortization for the year on software, $ I. Supplies counted on December $ Depreciation for the year on the equipment, $ Interest of $ on notes payable is yet to be recorded. o Salaries and wages earned but not yet paid or recorded, $ p Income tax for the year was determined to be $ It will be paid in
Required:
Prepare a postclosing trial balance.
Note: Enter your answers in thousands of dollars.Brothers Huey and Hiram Hausyerday began operations of their machine shop H & H Tool, Incorporated on January
The annual reporting period ends December The trial balance on January follows the amounts are
rounded to thousands of dollars to simplify:
Transactions and events during summarized in thousands of dollars follow:
a Borrowed $ cash on March using a shortterm note.
b Purchased land on March for future building site; paid cash, $
c Issued additional shares of common stock on April for $
d Purchased software on July $ cash.
e Received supplies on account on October for future use, $
Paid accounts payable on November $
g Signed a contract on November to provide $ of services starting February
Recorded revenues of $ on December including $ on credit and $ collected in cash.
i Recognized salaries and wages expense on December $ paid in cash.
j Collected accounts receivable on December $
Data for adjusting journal entries as of December :
k Unrecorded amortization for the year on software, $
I. Supplies counted on December $
Depreciation for the year on the equipment, $
Interest of $ on notes payable is yet to be recorded.
o Salaries and wages earned but not yet paid or recorded, $
p Income tax for the year was determined to be $ It will be paid in
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