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Preparing all the problem: Journal Entries T$-$ Accounts Unadjustable Trial Balance Adjuating Journal Entries Adjusted Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Closing Entries Post$-$Closing Balance $3.$ Prepare a classified balance sheet and income statement for January $31.$ C$4-2$ From Recording Transactions $($Including Adjusting Journal Entries$)$ to Preparing Financial Statements and Closing Journal Entries $($Chapters $2,3,$ and $4)$ Brothers Harry and Herman Hausyerday began operations of their machine shop $($H & H Tool, $($nc$.)$ on January $1,2020.$ The annual reporting period ends December $31.$ The trial balance on January $1,2021,$ follows $($the amounts are rounded to thousands of dollars to simplify$)$: $/$r$/$n$/$r$/$n tents, Financial Statements, and Financial Results Transactions and events during $2021($summarized in thousands of dollars$)$ follow: a$.$ Borrowed $ $12$ cash on March $1$ using a short$-$term note. b$.$ Purchased land on March $2$ for future building site; paid cash, $ $9.$ c$.$ Issued additional shares of common stock on April $3$ for $ $23.$ d$.$ Purchased software on July $4,$ $ $10$ cash. e$.$ Purchased supplies on account on October $5$ for future use, $ $18.$ f$.$ Paid accounts payable on November $6,$ $ $13.$ g$.$ Signed a $ $25$ service contract on November $7$ to start February $1,2022.$ h$.$ Recorded revenues of $ $160$ on December $8,$ including $ $40$ on credit and $ $120$ collectec in cash. i$.$ Recognized salaries and wages expense on Depember $9,$ $ $85$ paid in cash. j$.$ Collected accounts receivable on December $10,$ $ $24.$ Data for adjusting journal entries as of December $31$ : k$.$ Unrecorded amortization for the year on software, $ $5.1.$ Supplies counted on December $31,2021,$ $ $10.$ m$.$ Depreciation for the year on the equipment, $ $6.$ n$.$ Interest of $ $1$ to accrue on notes payable. o$.$ Salaries and wages earned but not yet paid or recorded, $ $12.$ p$.$ Income tax for the year was $ $8.$ It will be paid in $2022.$ Required: $/$r$/$n Problem $1$: C$4-2$ From Recording Transactions $($Including Adjusting Journal Entries$)$ to Preparing Financial Statements and Closing Journal Entries $($Chapters $2,3,$ and $4)$ H & H Tool Inc. pages $203-204$ REQUIREMENTH$9$: A$.$ How much net income did H&H Tool, Inc,, generate during $2021?$ B$.$ What was its net profit margin? C$.$ Is the company financed primarily by liabilities or stockholders' equity? D$.$ What is its current ratio $($rounded to two decimal places$)?$C$4-2($Algo$)$ From Recording Transactions $($Including Adjusting Journal Entries$)$ to Preparing

Financial Statements and Closing Journal Entries $($Chapters $2,3,$ and $4)[$LO $2-3,$ LO $3-3,$ LO

$4-1,$ LO $4-2,$ LO $4-3,$ LO $4-4,$ LO $4-5,$ LO $4-6]$

$[$The following information applies to the questions displayed below.$]$

Brothers Harry and Herman Hausyerday began operations of their machine shop $(H$ & H Tool, Incorporated$)$

on January $1,2020.$ The annual reporting period ends December $31.$ The trial balance on January $1,2021,$

follows $($the amounts are rounded to thousands of dollars to simplify$)$:

a$.$ Borrowed $$13$ cash on March $1$ using a short$-$term note.

b$.$ Purchased land on March $2$ for future building site; paid cash, $$7.$

c$.$ Issued additional shares of common stock on April $3$ for $$28.$

d$.$ Purchased software on July $4,$$$12$ cash.

e$.$ Received supplies on account on October $5$ for future use, $$17.$

f$.$ Paid accounts payable on November $6,$$$14.$

g$.$ Signed a $$30$ service contract on November $7$ to start February $1,2022.$

h$.$ Recorded revenues of $$152$ on December $8,$ including $$36$ on credit and $$116$ collected in cash.

i$.$ Recognized salaries and wages expense on December $9,$$$81$ paid in cash.

j$.$ Collected accounts receivable on December $10,$$$20.$

Data for adjusting journal entries as of December $31$:

k$.$ Unrecorded amortization for the year on software, $$4.$

I. Supplies counted on December $31,2021,$ $$11.$

$m.$ Depreciation for the year on the equipment, $$7.$

$n.$ Interest of $$2$ to accrue on notes payable.

o$.$ Salaries and wages earned but not yet paid or recorded, $$13.$

p$.$ Income tax for the year was $$9.$ It will be paid in $2022.$

QUESTIONS

$1.$ Record journal entries for transactions $($a$)$ through $().$

$2.$Prepare an unadjusted trial balance.

$3.$Record the adjusting journal entries $($k$)$ through $($p$).$

$4.$Prepare an adjusted trial balance.

$5-$a$.$ Prepare an income statement.

$5-$b$.$ Prepare the statement of retained earnings.

$5-$c$.$ Prepare the balance sheet.

$6.$Prepare the closing journal entry

$7.$T accounts. Enter beginning balances and post journal entries from Part $1,$ the adjusting journal entries from part $3,$ and the closing entry from part $6.$

$8.$ Prepare a post closing trial balance.