Reference no: EM133905831

Problem

Brothers Huey and Hiram Hausyerday began operations of their machine shop (H & H Tool, Incorporated) on January 1, 2023. The annual reporting period ends December 31. The trial balance on January 1, 2024, follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Debit Credit Cash $ 3 Accounts Receivable 5 Supplies 12 Land 0 Equipment 60 Accumulated Depreciation $ 6 Software 15 Accumulated Amortization 5 Accounts Payable 5 Notes Payable (short-term) 0 Salaries and Wages Payable 0 Interest Payable 0 Income Tax Payable 0 Common Stock 71 Retained Earnings 8 Service Revenue 0 Salaries and Wages Expense 0 Depreciation Expense 0 Amortization Expense 0 Income Tax Expense 0 Interest Expense 0 Supplies Expense 0 Totals $ 95 $ 95 Transactions and events during 2024 (summarized in thousands of dollars) follow: Income tax for the year was determined to be $8. Get the instant assignment help. It will be paid in 2025. Record the adjusting entry.