Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, follows (amounts are rounded to thousands of dollars to simplify).

a. Borrowed $24 cash on July 1, 2021, signing a six-month note payable.

b. Purchased equipment for $21 cash on July 2.

c. Issued additional shares of common stock on July 3 for $5.

d. Purchased additional equipment on August 4, $3 cash.

e. Purchased, on account, supplies on September 5 for future use, $10.

f. On December 6, recorded revenues in the amount of $68, including $9 on credit and $59 received in cash.

g. Paid salaries and wages expenses on December 7, $38.

h. Collected accounts receivable on December 8, $8.

i. Paid accounts payable on December 9, $11.

j. Received a $2 deposit on December 10 for work to start January 15, 2022.

Data for adjusting journal entries on December 31:

k. Amortization for 2021, $2.

l. Supplies of $4 were counted on December 31, 2021.

m. Depreciation for 2021, $2.

n. Accrued interest on notes payable of $1.

o. Salaries and wages earned but not yet paid, $3.

p. Income tax for 2021 was $4 and will be paid in 2022.

Transactions during 2021 (summarized in thousands of dollars) follow: General Journal tab - Prepare the journal entries to record the transactions (a) through (j). Review the accounts as shown in the General Ledger and Trial Balance tabs. Then prepare the necessary adjusting entries (k) through (p) to correctly report net income for the period. Then record the closing entry as of December 31 . General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances in the General Ledger. Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account based on your selection. Statement of Retained Earnings tab - Prepare the statement of retained earnings for the year ended December 31 , 2021. Balance Sheet tab - Use the drop-down to select the accounts to properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Analysis tab - Using the information from the requirements above, complete the 'Analysis' tab