Drs$.$ Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical

Therapy, on January $1,2020.$ The annual reporting period ends December $31.$ The trial balance on January $1,2021,$ was as

follows $($the amounts are rounded to thousands of dollars to simplify$)$:Transactions during $2021($summarized in thousands of dollars$)$ follow:

a$.$ Borrowed $$22$ cash on July $1,2021,$ signing a six$-$month note payable.

b$.$ Purchased equipment for $$25$ cash on July $2,2021.$

c$.$ Issued additional shares of common stock for $$5$ on July $3.$

d$.$ Purchased software on July $4,$ $$3$ cash.

e$.$ Received supplies on July $5$ on account for future use, $$7.$

f$.$ Recorded revenues on December $6$ of $$55,$ including $$8$ on credit and $$47$ received in cash.

g$.$ Recognized salaries and wages expense on December $7$ of $$30$; paid in cash.

h$.$ Collected accounts receivable on December $8,$$$9.$

i$.$ Paid accounts payable on December $9,$$$10.$

j$.$ Received a $$3$ cash deposit on December $10$ from a hospital for a contract to start January $5,2022.$

Data for adjusting journal entries on December $31$:

k$.$ Amortization for $2021,$ $$1.$

I. Supplies of $$3$ were counted on December $31,2021.$

m$.$ Depreciation for $2021,$$$4.$

n$.$ Accrued interest of $$1$ on notes payable.

o$.$ Salaries and wages incurred but not yet paid or recorded, $$3.$

p$.$ Income tax expense for $2021$ was $$4$ and will be paid in $2022.$Journal entry worksheet

Questions:

$(1.)$

Record entry to close revenue and expense accounts to retained earnings.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[$CE$1,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

$(2.)$

T accounts

Required:

T accounts. Enter beginning balances and post journal entries from Part $2,$ the adjusting journal entries from Part $4,$ and the closing

entry from Part $7.$