Hi! I need help with what I am missing in this T-Account. All the information is

Question

Hi! I need help with what I am missing in this T-Account. All the information is below but I think it is something in the adjusted balances that I am missing. Thanks!

[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) Debit Credit Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated 6 13 0 61 Depreciation 15 Software Accumulated Amortization Accounts Payable Notes Payable (short- 0 term) Salaries and Wages 0 Payable 0 0 73 Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages 0 Expense Depreciation 0 Expense Amortization Expense Income Tax Expense O Interest Expense Supplies Expense 0 Totals $97 $97

Explanation / Answer

The T-accounts are correct and complete. All the debits and credits are also matching. Nothing is missing. Is there anything specific you are looking for?

Note: Closing entries are shown as CE. All revenue and expense accounts are closed to the income summary which is then closed to retained earnings.

Retained Earnings Service Revenue Beg. Bal. 9 Beg. Bal. 0 24 CE3 162 3 CE1 162 End. Bal. 33 End. Bal. 0 Depreciation Expense Amortization Expense Beg. Bal. 0 Beg. Bal. 0 13 5 11 6 5 CE2 6 CE2 End. Bal. 0 End. Bal. 0 Income Tax Expense Interest Expense Beg. Bal. 0 Beg. Bal. 0 16 7 14 1 7 CE2 1 CE2 End. Bal. 0 End. Bal. 0 Salaries and Wages Expense Supplies Expense Beg. Bal. 0 Beg. Bal. 0 5 86 12 20 15 13 20 CE2 99 CE2 End. Bal. 0 End. Bal. Income Summary Beg. Bal. 0 CE2 138 162 CE1 CE3 24 End. Bal. 0

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