Debit Credit $ 8 4 4 7 $ 1 4 1 4 @ Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals 0 0 14 7 OOOOO $27 $27 Transactions during 2018 (summarized in thousands of dollars) follow: Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $15 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $18 cash on July 2, 2018, c. Issued additional shares of common stock for $4 on July 3. d. Purchased software on July 4, $4 cash. e. Purchased supplies on July 5 on account for future use. $6. 1. Recorded revenues on December 6 of $50, including $10 on credit and $40 received in cash. g. Recognized salaries and wages expense on December 7 of $23: paid in cash. h. Collected accounts receivable on December 8, $7. 1. Paid accounts payable on December 9, $8. J. Received a $4 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Data for adjusting journal entries on December 31: k. Amortization for 2018, $1. 1. Supplies of $4 were counted on December 31, 2018. m. Depreciation for 2018, $2. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $5. p. Income tax expense for 2018 was $5 and will be paid in 2019. Required information Credit NORTHLAND PHYSICAL THERAPY Post-Closing Trial Balance At December 31, 2018 (in thousands) Account Titles Debit Cash $ 25 Accounts Receivable 7 Supplies 4 Equipment 25 Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable 3 00 N 21 2 UN 15 5 1 Inname Tavn D NORTHLAND PHYSICAL THERAPY Post-Closing Trial Balance At December 31, 2018 (in thousands) Account Titles Debit Credit Cash $ 25 Accounts Receivable 7 4 25 3 8 Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable 2. 2 2 151 5 1 NIN non 5 Income Taxes Payable Deferred Revenue 4. Common Stock 18 14 Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals $ 69 $ 69
