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) Account Titles Debit Credit Cash $ 3 Accounts Receivable 5 Supplies 12 Land Equipment 60 Accumulated Depreciation Software 15 Accumulated Anortization 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 71 CULL VEUIL $ 3 5 12 60 $ 6 15 5 5 ALLUULEIULES 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 0 0 71 8 0 0 0 $ 95 $ 95 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 future building site; paid cash, $9. c. Issued additional shares of common stock on April 3 for $23. d. Purchased software on July 4, $10 cash. e. Purchased supplies on account on October 5 for future use. $18. f Pald accounts payable on November 6, $13. g. Signed a $25 service contract 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. 1. Recognized salaries and wages expense on December 9, $85 paid in cash. Collected accounts receivable on December 10, $24. Data for adjusting journal entries as of December 313 k Unrecorded amortization for the year on software, $5. 1. Supplies counted on December 31, 2021, $10. m. Depreciation for the year on the equipment, $6, n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet pald or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022. (Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100)). Prepare the journal entries to record transactions (a) through C). 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. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list