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Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on January 1 , 2020. The annual reporting period ends
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). Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $29 cash on July 1, 2021, signing a six-month note payable. b. Purchased equipment for $15 cash on July 2 . c. Issued additional shares of common stock on July 3 for $6. d. Purchased additional equipment on August 4, $2 cash. e. Purchased, on account, supplies on September 5 for future use, $8. f. On December 6 , recorded revenues in the amount of $71, including $7 on credit and $64 received in cash. g. Paid salaries and wages expenses on December 7,$43. h. Collected accounts receivable on December 8,$9. i. Paid accounts payable on December 9,$12. j. Received a $1 deposit on December 10 for work to start January 15, 2022. Data for adjusting journal entries on December 31: k. Amortization for 2021,$1. 1. Supplies of $6 were counted on December 31, 2021. m. Depreciation for 2021, $3. n. Accrued interest on notes payable of $2. o. Salaries and wages earned but not yet paid, $4. p. Income tax for 2021 was $2 and will be paid in 2022 . Prepare an unadjusted trial balance. (Enter your answers in thousands of dollars.)
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