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] [The following information applies to the questions displayed below] ] 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): 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 $29. d. Purchased software on July 4,$10 cash. e. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on November 6,$13. g. Signed a $25 service contract on November 7 to start February 1,2022. h. Recorded revenues of $150 on December 8 , including $35 on credit and $115 collected in cash. i. Recognized salaries and wages expense on December 9,$80 paid in cash. j. Collected accounts receivable on December 10,$19. Data for adjusting journal entries as of December 31: 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 paid or recorded, $12. p. Income tax for the year was \$8. It will be paid in 2022. H \& H TOOL, INCORPORATED Post-Closing Trial Balance (in thousands) Account Titles \begin{tabular}{|c|c|c|} \hline Cash & & \\ \hline Accounts Receivable & & \\ \hline Supplies & & \\ \hline Land & & \\ \hline Equipment & & \\ \hline Accumulated Depreciation & p & \\ \hline Software & & \\ \hline Accumulated Amortization & & \\ \hline Accounts Payable & & \\ \hline Notes Payable (short-term) & & \\ \hline Salaries and Wages Payable & & \\ \hline Interest Payable & & \\ \hline Income Tax Payable & & \\ \hline Common Stock & & ? \\ \hline Retained Earnings & 7 & \\ \hline Dividends & & \\ \hline Service Revenue & & \\ \hline Salaries and Wages Expense & & \\ \hline Supplies Expense & & 7 \\ \hline Depreciation Expense & & \\ \hline Amortization Expense & 7 & \\ \hline Interest Expense & & ? \\ \hline Income Tax Expense & 7 & \\ \hline Totals & $0 & $ \\ \hline \end{tabular}