Question

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.) onJanuary 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 2
accounts recievable 6
supplies 13
land 0
equipment 64
accumulated depreciation 5
software 18
accumulated amortization 4
accounts payable 4
notes payable (short-term) 0
salaries and wages payable 0
interest payable 0
income tax payable 0
common stock 81
retained earning 9
service revenue 0
salaries and wages 0
depreciation expense 0
amortization expense 0
income tax 0
interest expense 0
supplies expense 0

Transactions during 2015 (summarized in thousands of dollars) follow:

1. Borrowed $11 cash on a six-month note payable dated March 1, 2015.

2. Purchased land for future building site; paid cash, $8.

3. Earned revenues for 2015, $168, including $44 on credit and $124 collected in cash.

4. Issued additional shares of stock for $4.

5. Recognized salaries and wages expense for 2015, $89 paid in cash.

6. Collected accounts receivable, $28.

7. Purchased software, $11 cash.

8. Paid accounts payable, $12.

9. Purchased supplies on account for future use, $19.

10. Signed a $20 service contract to start February 1, 2016.

Data for adjusting journal entries:

11. Unrecorded amortization for the year on software, $4.
12. Supplies counted on December 31, 2015, $12.
13. Depreciation for the year on the equipment, $5.
14. Accrued interest of $1 on notes payable.
15. Salaries and wages earned but not yet paid or recorded, $13.

16. Income tax for the year was $7. It will be paid in 2016.

Record the adjusting journal entries (11) through (16).

Homework Answers

Answer #1

Adjusting entry :

No Account and explanation debit credit
11 Amortization expenses 4
Accumlated amortization 4
(To record amortization expense)
12 Supplies expense (13+19-12) 20
Supplies 20
(To record supplies expense)
13 Depreciation expense 5
Accumlated depreciation 5
(To record depreciation expense)
14 Interest expense 1
Interest payable 1
(To record accured interest)
15 Salary and wages expense 13
Salary and wages payable 13
(To record salary and wages expense)
16 Income tax expense 7
Income tax payable 7
(To record income tax expense)
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