Required Information[The following informetion applies to the questions dispiayed below]Brathers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Incorporstec) on January 1,2020. The annual reporting period ends December 31 The trisl balance on January 1, 2021, follows (the smounts arerounded to thoussnds of dollars to simpiifyeACCOunt TItlesCashAccounts ReceivableSuppliesLandEquipnontAccuulated DepreciationDebitCredit$21354$5Software21Accurulated ortizationAcCounts PayableNotes Payable (shart-ter)Salaries and Mages PayalleInterest PayableIncone Tax PayableCormon StockRetalned EarningsService RevenueSalaries and Mages ExpenseDepreciation ExpenseAnortizat ion ExpenseIncone Tax ExpenseInterest ExpenseSupplies ipenseTotals$ 96$ 96Transactions and events during 2021 (summarized in thousands of dollars) follow:a. Borrowed ST11 cesh on March1 using a short-term note.b. Purchased land on March 2 for future bulding site; pald cash, $8.c. Issued additionsl shares of comman stock on April 3 for $30.d. Purchased software on July 4, $11 cash.e Purchased supples on account on October 5 for future use, S19.£ Pald sccounts payable on November 6, $12g. Signed a $20 service contract on November 7 to start February 1, 2022h. Recorded revenues of $148 on December 8, Including S34 on crecit and S114 collected in cash.LRecognized salaries and wages expense on December 9, $79 pald In cash.Collected sccounts recelvable on December 10, $18.Dats for acjusting journal entries es of December 31:k. Unrecorded amortization for the year on software, $6.L. Supplies counted on December 31, 2021, $12m. Depreciation for the yesr on the equipment, $5.n. Interest of $1 to acerue on nates payableo. Salaries and weges earned but not yet pald or recorded, $1p. Income tax for the year was $7. It will be paid in 2022Required:3. Prepare an unsdjusted trisl balance. (Enter your answers in thousands of dollars.)H&H TOOL, INCORPORATEDUnadjucted Trial Balanoe(In thoucandc)Account TitiesDebitCreditCashAccounts ReceivableSuppliesLandEquipmentAccumulated DeprociationSoftwareAccumulated AmartizatonAccounts PayibleNotes Payable (short tarm)Salaries and Wagns PayableInterest PayableIncome Taxes PayableCommon StockRotained EamingsService RovenueSalaries and Wages ExpenseSupplies ExpenseDepreciation ExpenseInterest ExpenseIncome Tax ExpenseTotals

The Trial balance is prepared as posting the final balances from the ledger to the debit and credit…

Answered: Required information (The following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journalize the following transactions for the Scott Company. Assume 360 days per year. November 4: Received a $6,500, 90-day, 6% note from Tim's Co.in payment of the account. If an amount box does not require an entry, leave it blank. Nov. 4 December 31: Accrued interest on the Tim's Co. note. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31 February 2: Received the amount due from Tim's Co. on the note. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Feb. 2
Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that date? A. Cash Sales Revenue Accounts Receivable B. Cash Sales Discounts Accounts Receivable Interest Revenue C. Cash Sales Discounts Accounts Receivable D. Cash Accounts Receivable Sales Revenue Select one: O A. Option A OB. Option B O C. Option C OD. Option D Clear my choice 45,540 460 46,000 460 45,540 460 46,000 46,000 46,000 460 46,000 45,540 460
Outstanding Publishing completed the following transactions during 2024: i (Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. (Prepare a single compound entry for this transaction.) Credit Date Accounts and Explanation Debit Oct. 1 More info Oct. 1 Nov. 15 Dec. 31 Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. Remitted (paid) the sales tax to the state of Tennessee. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Print Done X
On September 15, 2024, Oliver's Mortuary received a $6,000 note from the estate of Jay Hendrix in exchange for services rendered. Terms of the note call for the payment of principal, and interest at 10% in nine months. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2024? Multiple Choice Account Title Interest receivable Interest revenue Account Title Interest receivable Interest revenue Cash Debit Credit 230 Debit 600 230 Credit 175 425
McNamara Industries completed the following transactions during 2024: (Click the icon to view the transactions.) Journalize the transactions. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Nov. 1: Made sales of $16,000. McNamara estimates that warranty expense is 5% of sales. (Record only the warranty expense.) Date Accounts Debit Credit Nov. 1 More info Nov. 1 Nov. 20 Dec. 31 Dec. 31 ← Made sales of $16,000. McNamara estimates that warranty expense is 5% of sales. (Record only the warranty expense.) Paid $500 to satisfy warranty claims. Estimated vacation benefits expense to be $3,500. McNamara expected to pay its employees a 4% bonus on net income after deducting the bonus. Net income for the year is $25,000. Prin Done X
During July 2022, Midtown Catering recorded the following: - Catering services of $86,400 were provided ($64,500 on account, $21,900 for cash) - Collections on account, $58,950 - Write-offs of uncollectible receivables, $2,560 - Recovery of receivable previously written off, $1,000 Journalize Midtown's transactions during July, assuming Midtown uses the allowance method. Omit explanations. Prepare the journal entry for the write off of the accounts receivable.
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T.J. Race Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $118,000 balance Joumalize the following transactions for T.J. Race: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal entries.) March 13, 2018: Wrote off S. Rose's account for $1,800. Journal Entry Date Mar. 2018 13 Accounts PR Dr. Cocom Cr. More info 2018 Mar. Apr 2019 Nov. Dec. Ded 13 Wrote off S. Rose's account for $1,800, 14 Wrote off P. Soy's account for $650 8 P. Soy paid bad debts of $650 that was written off April 14, 2018 7 Wrote off J. Minor's account as uncollectible, $300. 12 Wrote off D. Lovejoy's account for $350 due from sales made on account in 2018 Print Done
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During 2024, its first year of operations, Platform Construction provides services on account of $140,000. By the end of 2024, cash collections on these accounts total $100,000. Platform estimates that 30% of the uncollected accounts will be uncollectible. In 2025, the company writes off uncollectible accounts of $10,800. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024.2-a. Record the write-off of accounts receivable in 2025.2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025).3-a. Assume the same facts as above but assume actual write-offs in 2025 were $16,200. Record the write-off of accounts receivable in 2025.3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025).
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Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.

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