[ The following information applies to the questions displayed below. ] 1. value
ID: 2552533 • Letter: #
Question
[The following information applies to the questions displayed below.]
1.
value:
6.00 points
Required information
Record journal entries for transactions (1) through (10). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.)
References
eBook & Resources
General JournalLearning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.
Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.
Learning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.
Check my work
2.
value:
6.00 points
Required information
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.)
References
eBook & Resources
WorksheetLearning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.
Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.
Learning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.
Check my work
3.
value:
6.00 points
Required information
Post the journal entries from requirement 2 to T-accounts and prepare an unadjusted trial balance. (Enter your answers in thousands of dollars.)
References
eBook & Resources
WorksheetLearning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.
Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.
Learning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.
Check my work
4.
value:
6.00 points
Required information
Record the adjusting journal entries (11) through (16). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.)
References
eBook & Resources
General JournalLearning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.
Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.
Learning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.
Check my work
5.
value:
6.00 points
Required information
Post the adjusting entries from requirement 4 and prepare an adjusted trial balance. (Enter your answers in thousands of dollars.)
References
eBook & Resources
WorksheetLearning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.
Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.
Learning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.
Check my work
6.
value:
6.00 points
Required information
Prepare balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
References
eBook & Resources
Financial StatementsLearning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.
Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.
Learning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.
Check my work
7.
value:
6.00 points
Required information
Prepare the closing journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.)
References
eBook & Resources
General JournalLearning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.
Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.
Learning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.
Check my work
8.
value:
6.00 points
Required information
Post the closing entry from requirement 7 and prepare a post-closing trial balance. (Enter your answers in thousands of dollars.)
References
eBook & Resources
WorksheetLearning Objective: 04-02 Prepare adjustments needed at the end of the period.Learning Objective: 04-05 Explain the closing process.
Difficulty: 3 HardLearning Objective: 04-03 Prepare an adjusted trial balance.Learning Objective: 04-06 Explain how adjustments affect financial results.
Learning Objective: 04-01 Explain why adjustments are needed.Learning Objective: 04-04 Prepare financial statements.
Check my work
©2018 McGraw-Hill Education. All rights reserved.
[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):Explanation / Answer
1. In the books of H & H Tool Inc. :
4. Adjusting Entries:
5. H & H Tool Inc.
Adjusted Trial Balance
December 31, 2015
6a. H & H Tool Inc.
Income Statement
For the year ended December 2015
6b. H & H Tools Inc.
Statement of Retained Earnings
For the year ended December 31, 2015
6c. H & H Tools Inc.
Balance Sheet
December 31, 2015
7. Closing entries :
8. H & H Tools Inc.
Post Closing Trial Balance
December 31, 2015
Transaction/ Event Account Titles Debit Credit 2015 $ $ 1. Cash 11 Note Payable 11 2. Land 8 Cash 8 3. Cash 127 Accounts Receivable 47 Service Revenue 174 4. Cash 4 Common Stock 4 5. Salaries and Wages Expense 92 Cash 92 6. Cash 31 Accounts Receivable 31 7. Software 11 Cash 11 8. Accounts Payable 12 Cash 12 9. Supplies 19 Accounts Payable 19 10. No journal entry requiredRelated Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.