Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, follows:

H & H Tool, Inc. Trial Balance on January 1, 2020
	Debit				Credit
Cash		9,000
Accounts receivable		8,000
Supplies		23,000
Land
Equipment		90,000
Accumulated depreciation (on equipment)						9,000
Other noncurrent assets (not detailed to simplify)		12,000
Accounts payable
Wages payable
Interest payable
Dividends payable
Income taxes payable
Long-term notes payable
Common stock (8,000 shares, $.50 par value)						4,000
Additional paid-in capital						92,000
Retained earnings						37,000
Service revenue
Depreciation expense
Supplies expense
Wages expense
Interest expense
Income tax expense
Miscellaneous expenses (not detailed to simplify)
Totals		142,000				142,000

Transactions during 2020 follow:

1. Borrowed $20,000 cash on a 5-year, 6 percent note payable, dated March 1, 2020.
2. Purchased land for a future building site; paid cash, $15,000.
3. Earned $311,000 in revenues for 2020, including $61,000 on credit and the rest in cash.
4. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020.
5. Incurred $101,000 in wages expense and $37,000 in miscellaneous expenses for 2020, with $32,000 on credit and the rest paid in cash.
6. Collected accounts receivable, $36,000.
7. Purchased other assets, $23,000 cash.
8. Purchased supplies on account for future use, $35,000.
9. Paid accounts payable, $34,000.
10. Signed a three-year $41,000 service contract to start February 1, 2021.
11. Declared cash dividends on December 1, $33,000, which were paid by December 31.

Data for adjusting entries:

12. Supplies counted on December 31, 2020, $26,000.
13. Depreciation for the year on the equipment, $11,000.
14. Interest accrued on notes payable (to be computed).
15. Wages earned by employees since the December 24 payroll but not yet paid, $25,000.
16. Income tax expense, $10,000, payable in 2021.

3. Post the journal entries for transactions (a) through (k) and adjusting entries for transactions (l) through (p) to the respective T-Accounts.