1. prepare the journal entries of the transactions during 2021

2. prepare the adjusting journal entries as of December 31, 2021

3. prepare Adjusted trial balance

4. prepare thenincome statement of h&h tools, inc. for the year ended, December 31, 2021

5. prepare the statement of retained earnings of h&h tools, inc. for the year ended, December 31, 2021

6. prepare the balance sheet of h&h tool, inc. as of December 31, 2021

7. prepare the closing entries for h&h tools, inc. (Hint: refer to the nominal/temporary accounts in the Adjusted Trial Balance)

8. prepare the post-closing trial balance of h&h tools, inc. at December 31, 2021

9. evaluate the financial performance of h&h tools, inc.

please help me! thank you

C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) LO 23,33,41,42,43 Brothers Harry and Herman Hausyerday began operations of their machine shop (H&H root, Ine, 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): 4.5, 46 C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) LO 23,33,41,42,43 Brother Harry and Herman Hausyerday began operations of their machine shop (H&H root. tne, 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): 4.5, 4-6 CMAPTER 4 Adjusuncents, Financial Statements, and Finomcial 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 fumre building site; paid cash, \$9. c. Issued additional shares of common stock on April 3 for $23. d. Purchased software on July 4,510 cash. c. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on November 6,$13. g. Signed a $25 service contrnct on November 7 to start February 1,2022. h. Recorded revenues of $160 on December 8 , including $40 on credit and $120 collected in cash. i. Recognized salaries and wages expense on December 9, 585 paid in cash. f. 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. l. Supplies counted on December 31,2021,510 m. Depreciation for the year on the equipment, 56. n. Interest of S1 to accrue on notes payable. o. Salaries and wages earned but not yot paid or fecorded, \$12 p. Income tax for the year was $8. It will be paid in 2022. Required: 1. Set up T-accounts for the accounts on the triat balance and enter beginning balances. If you are completing this problem in Connect using the general ledger tool, this requirement will be completed for you. 2. Record journal entries for transactions (a) through (). 3. Post the joumal entries from requirement 2 to T-accounts and prepare an unadjusted trial balance. If you ase completing this problem in Connect using the general ledger tool, this requirement will be completed for you using your answers to requirement 2 . 4. Record the adjusting journal entries (k) through (p). 5. Post the adjusting entries from requirement 4 and prepare an adjusted trial balance. If you are completing this problem in Connect using the general ledger tool, this requirement will be completed for you using your previous answers. 6. Prepare an income statement, statement of retained earaings, and balance sheet. 7. Prepare the closing journal entry. 8. Post the closing eatry from requirement 7 and prepare a post-closing trial balance. If you are completing this problem in Connect using the general ledger tool, this requirement will be completed for you using your previous answers. 9. How much net income did H \& H Tool, Inc, generate during 20212 What was its net profit margin? Is the company financed primarily by fiabilities or sockholders' equity? What is its current natio (roundod to two decimal places)? LO 23,33,41,42,43,44, 4-5, 4-6 C4-3 Recording Transactions (Including Adjusting Journal Entries), Preparing Financial Statements and Closing Journal Entries, and Computing Net Profit Margin and Current Ratio (Chapters 2, 3, and 4) Drk. Glens Feltham and David Ambrose began operations of their plysxical therapy clinic, called Northland Physical Therapy, oe Jasuary 1,2020. The annual reporting period ends December 31. The trial balance on January 1,2021 , was as follows (the amounts are rounded to thousands of dollar to simplify)