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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. (Enter your answers in thousands of dollars)

CLUuring Cycle exercise Questions 1 - 9 of 9) Save & E [The following information applies to the questions displayed below.] 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 Debit Credit Cash $ 4 Accounts Receivable 4 Supplies Land Equipment Accumulated Depreciation Software 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 $92 Transactions during 2015 (summarized in thousands of dollars) follow: 1. Borrowed $13 cash on a six-month note payable dated March 1, 2015. 2. Purchased land for future building site; paid cash, $7. Earned revenues for 2015, $158, including $39 on credit and $119 collected in cash. 4. Issued additional shares of stock for $2. 5. Recognized salaries and wages expense for 2015, $84 paid in cash. 6. Collected accounts receivable, $23. 7. Purchased software, $12 cash. 8. Paid accounts payable, $14. 9. Purchased supplies on account for future use. $17. 10.Signed a $30 service contract to start February 1, 2016. Data for adjusting journal entries: 11. Unrecorded amortization for the year on software, $6. 12.Supplies counted on December 31, 2015, $11. 13.Depreciation for the year on the equipment, $7. 14.Accrued interest of $2 on notes payable. 15. Salaries and wages earned but not yet paid or recorded, $12. 16.Income tax for the year was $9. It will be paid in 2016

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