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Alson and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on January 1. 2020. The annual reporting period ends December

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Alson 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 tral balance on January 1, 2021, follows (amounts are rounded to thousands of dollars to simplify. Transoctons durig 2021 (summarized in thousands of dollars) follow a Borrowed $26 cash on Jy 1.2021. signing a sixmonth note payable: b. Parchosed equipment for $23 cash on July 2 . c. Iscued additiona shates of common stock on July 3 for $6 d. Purchased odditionol eguiment on August 4.$2 cash e. Purchased. on account cupples on september 5 for future use s8. a. Borrowed $26 cash on July 1, 2021, signing a six-month note payable. b. Purchased equipment for $23 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, supplles on September 5 for future use, $8. f. On December 6 , recorded revenues in the amount of $68, Including $7 on credit and $61 recelved in cash. g. Paid salarles and wages expenses on December 7,$40 h. Collected accounts recelvable on December 8,$9. L. Pald accounts payable on December 9.$12 1. Recelved a $5 deposit on December 10 for work to start January 15, 2022. Data for adjusting journal entries on December 31: k. Amortzation for 2021, \$5 1. Supplies of $6 were counted on December 31, 2021. m. Depreciation for 2021, \$3. n. Accrued interest on notes payable of $1. 0. Salarles and wages earned but not yet pald, \$4. p. Income tax for 2021 was $2 and will be paid in 2022

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