Exam 2 Saved Help Save 18 Brothers Harry and Herman Housyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify) Credit Debit 53 5 12 ints 63 $ 6 00:46:55 18 8 5 Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Connon Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals 74 $10: $101 B 3:45:15 Transactions and events during 2018 (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 $26. 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, 2019. h. Recorded revenues of $166 on December 8, including $43 on credit and $123 collected in cash. 1. Recognized salaries and wages expense on December 9. $88 paid in cash. j. Collected accounts receivable on December 10, $27. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software. $8. 1. Supplies counted on December 31, 2018, $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 2019. (Enter all of your answers in thousands of dollars in AAAAA (Enter all of your answers in thousands of dollars. (ie., $100,000 should be entered as $100)). 8 Statement of General General Income Requirement Journal Trial Balance Ledger Analysis Retained Statement Balance Sheet Earings Prepare the journal entries to record transactions (a) through 0). Then prepare the necessary adjusting entries (k) throug correctly report net income for the period. Then record the closing entry as of December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 004402 View transaction list Journal entry worksheet 1 2 3 5 6 7 8 17 Borrowed 512 cash on March 1 using a short term note. Record the transaction