Question: please follow the format when answering help anser this in full folling tje fomat for all the steps Brothers Mike and Tim Hargenater began operations

please follow the format when answering  please follow the format when answering help anser this in full
folling tje fomat for all the steps Brothers Mike and Tim Hargenater
began operations of their tool and die shop (H k H Tool,
help anser this in full folling tje fomat for all the steps

Brothers Mike and Tim Hargenater began operations of their tool and die shop (H k H Tool, inc) on January 1.2019 The annual reporting period ends December 31 . The trial balance on January 1, 2020, follows. Transactions during 2020 follow; a. Borrowed $15,000 cash on a five-year, 8 percent note payable, dated March 1, 2020 . b. Purchased land for a future building site; paid cash, $13,000 c. Earned $215,000 in revenues for 2020 , including $52,000 on credit and the rest in cash. d. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1,2020 . e. Incurred $89,000 in wages expense and $25,000 in miscellaneous expenses for 2020, with $20,000 on credit and the rest paid in cash. f. Collected accounts recelvable, $34,000. 9. Purchased other assets, $15,000 cash. h. Purchased supplies on account for future use, $27,000. 1. Paid accounts payable, $26,000. j. Signed a three-year $33,000 service contract to start February 1, 2021. k. Declared cash dividends on December 1,$25,000. which were paid by December 31 . [Hint: Prepare two entries.] Data for adjusting entries: 1. Supplies counted on December 31,2020,$18,000. n. Depreciation for the year on the equipment, $10.000. n. Interest accrued on notes payable (to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid, $16,000. p. Income tax expense, $11,000, payable in 2021 . Adjusted \begin{tabular}{|l|l|} \hline Unadjusted & H\& H Tool, Inc. \\ \hline come Statement \\ Adjusted & Ended December 31, 2020 \\ \hline Post-closing & \\ \hline \end{tabular} Adjusted

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!