Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, incorporated) 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: Credit Debit $4 4 11 0 56 $. 17 4 6 Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals 68 2 e $.92 5.92 Transactions and events during 2021 (summarized in thousands of dollars) follow a Borrowed $13 cash on March 1 using a short term note. b. Purchased and on March 2 for future building site, paid cash $7 Issued additional shares of common stock on April 3 for $28 d Purchased software on July 4, 512 cash. e Purchased supplies on account on October 5 for future use, $17 I Paid accounts payable on November 6. $14 Signed a $30 service contract on November 7 to start February 1, 2022 h Recorded revenues of $152 on December 8, including S36 on credit and $116 collected in cash Recognized salaries and wages expense on December 9 $81 paid in cash, y Collected accounts receivable on December 10, 520 Data for adjusting journal entries as of December 31 k Unrecorded amortization for the year on software: $4 Supplies counted on December 31, 2021, $11 m. Depreciation for the year on the equipment. Sy n Interest of $2 to accrue on notes payable Carta 13 7. Prepare the closing journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) View transaction list Journal entry worksheet 1 Record entry to close revenue and expense accounts to retained earnings Enter debits before the General Journal Debut Credi Transaction Record entry Cinarely View general journal