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Required information C4-4 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) [L92-3, 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) Allson and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (amounts are rounded to thousands of dollars to simplify). Credit Debit $ 6 3 1 5 $ 0 10 Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (long-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense Totals 5 6 0 0 0 0 0 11 3 0 0 0 0 0 0 0 $ 25 $ 25 Required information Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Supplies Expenses Salaries and Wages Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals $ 0 $ 0 4. Record adjusting journal entries (1through (o). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands of dollars.) 1 Record the adjusting entry for amortization. 2 Record the adjusting entry for supplies counted on December 31, 2018. 3 Record the adjusting entry for depreciation for 2018. 4 Record the adjusting entry for accrued interest on notes payable. 5 Record the adjusting entry for salaries and wages earned but not yet paid. 6 Record the adjusting entry for income tax expense for 2018 for that will be paid in 2019. Debit Credit $ 6 3 1 5 $ 0 10 5 6 Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (long-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense Totals 0 0 0 11 3 0 0 0 0 $ 25 $ 25 Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $11 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $13 cash on July 2. c. Issued additional shares of common stock on July 3 for $6. d. Purchased additional equipment on August 4, $2 cash. e. Purchased, on account, supplies on September 5 for future use, $8. f. On December 6, recorded revenues in the amount of $53, including $7 on credit and $46 received in cash. g. Paid salaries and wages expenses on December 7. $29. h. Collected accounts receivable on December 8, $9. 1. Paid accounts payable on December 9, $12. J. Received a $5 deposit on December 10 for work to start January 15, 2019. Data for adjusting journal entries on December 31: k. Amortization for 2018, $5. 1. Supplies of $6 were counted on December 31, 2018. m. Depreciation for 2018, $3. n. Accrued interest on notes payable of $3. o Wages earned but not yet paid. $4. p. Income tax for 2018 was $4 and will be paid in 2019
