C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Joumal Entries (Chapters 2, 3, and 4) Brothers Harry and Herming Hausyerday began operations of their machine shop (H&H Tool, Inc.) 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. Rorrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site: paid cash, 59. c. Issued additional shares of common stock on April 3 for $23. d. Purchased software on July 4,$10 cash. c. Purchased supplies on account on Octaber 5 for future use, \$18. f. Paid accounts payable on November 6,513 . 8. Signed a $25 service contract on November 7 to start February 1.2022, 4. Recorded revenues of $160 on December 8 , inclading $40 on credit and $120 collected in cash. 1. Recognized salaries and wages expense on December 9,585 paid in cash. j. Collected accounts receivable on December 10,$24. Data for adjusing journal entries as of December 31 : 1. Unreconded amortization for the year on softwure, 3.5. 1. Supglies counted on December 31, 2021, $10 m. Depreciation for the year os the equigment, 56 . n. Intereat of 51 to accrue on notei payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was 58 . It will be paid in 2022 . 8 Journal Entry D: D: E: E: F. F. . H. H. K : K: L: L: M: M: N: N: 0: N : 0: 0: P. P