Fisancial Statcments and Fioancial Results Transactions during 2015 (summarized in thousands of dollars) follow . Borrowed $12 cash on March I using a short-term note 2 Purchased land on March 2 for future building site: paid cash, $9. 3. Issued additional shares of common stock on April 3 for 523. 4 Purchased software on July 4, $10 cash S. Purchased supplies on account on October 5 for future use. S18. 6 Paid accounts payable on November 6, 7 Signed a S25 service contract on November 7 to start February 1, 2016. & Recorded revenues of $160 on December 8, including $40 on credit and $120 collected in cash 9. Recognized salaries and wages expense on December 9. $85 paid in cash. 10. Collected accounts receivable on December 10, $24. Data for adjusting journal entries as of December 31: 11. Unrecorded amortization for the year on software, $5. 12. Supplies counted on December 31, 2015, $I0. 13 Depreciation for the year on the equipment. S6. 14. Interest of SI to accrue on notes payable 15. Salaries and wages earmed but not yet paid or recorded, $12 16. Income tax for the year was $8. It will be paid in 2016. Required: 1. Set up T-accounts for the accounts on the trial balance and enter beginning balances. If you are completing this problem in Connect using the general ledger tool, this requirement will be completed for you. 2. Record journal entries for transactions (1) through (10). 3. Post the journal entries from requirement 2 to Taccounts and prepare an unadjusted trial balance. If you are completing this problem in Connect using the general ledger tool, this requirement will be completed for you using your answers to requirement 2 4. Record the adjusting journal entries (11) through (16) 5. Post the adjusting entries from requirement 4 and prepare an adjusted trial balance. If you are completing this problem in Connect using the general ledger tool, this requirement will be completed for you using your previous answers. 6. Prepare an income statement, statement of retained earnings, and balance sheet. 7. Prepare the closing journal entry 8. Post the closing entry from requirement 7 and prepare a post-closing trial balance. If you are g this problem in Connect using the general ledger tool, this requirement will be pletin completed for you using your previous answers. 9. How much net income did H & H Tool, Inc. generate during 2015? What was its net profit ? Is the company financed primarily by liabilities or stockholders' equity? What is its current ratio (rounded to two decimal places)? 43, 44, C4-3 Recording Transactions (Including Adjusting Journal Entries), Preparing Financial