C4-2 (Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6] (General Ledger) 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): ook Account Titles. Cash rint Land Accounts Receivable Supplies Debit $ 4 Credit 4 11 Equipment 56 Accumulated Depreciation $7 Software 17 Accumulated Amortization Accounts Payable Notes Payable (short-term) 6. Salaries and Wages Payable 0 Interest Payable Income Tax Payable 0 Common Stock 68 Retained Earnings 7 Service Revenue 0 Salaries and Wages Expense Depreciation Expense 0 Amortization Expense Income Tax Expense 0 Interest Expense 0 Supplies Expense 0 Totals $92 $ 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 land on March 2 for future building site, paid cash, $7.