Furniture Refinishers, Incorporated Trial Balance on January 1, 2024
Account Titles	Debit	Credit
Cash	10,000
Accounts receivable	9,000
Supplies	4,000
Small tools	5,000
Equipment
Accumulated depreciation (on equipment)
Other assets (not detailed to simplify)	7,000
Accounts payable		7,000
Dividends payable
Notes payable
Wages payable
Interest payable
Income taxes payable
Unearned revenue
Common stock (70,000 shares, $0.10 par value)		7,000
Additional paid-in capital		10,000
Retained earnings		11,000
Service revenue
Depreciation expense
Wages expense
Interest expense
Income tax expense
Miscellaneous expenses (not detailed to simplify)
Totals	35,000	35,000

Transactions during 2024 follow:

1. Sold 10,000 additional shares of capital stock for cash at $0.50 market value per share at the beginning of the year.
2. Borrowed $20,000 cash on July 1, 2024, signing a one-year, 10 percent note payable.
3. Purchased equipment for $18,000 cash on July 1, 2020.
4. Earned $126,000 in revenues for 2024, including $25,000 on credit and the rest in cash.
5. Incurred $26,000 in wages expense and $8,000 in miscellaneous expenses for 2024, with $7,000 on credit and the rest paid with cash.
6. Purchased additional small tools, $2,000 cash.
7. Collected accounts receivable, $12,000.
8. Paid accounts payable, $12,000.
9. Purchased $15,000 of supplies on account.
10. Declared a cash dividend on December 1, $17,000.
11. Received a $8,000 deposit on work to start January 15, 2025.
12. Paid the dividends in (j) on December 31.

Data for adjusting entries:

1. Supplies of $5,000 and small tools of $6,000 were counted on December 31, 2024 (debit Miscellaneous Expenses).
2. Depreciation for 2024, $4,000.
3. Interest accrued on notes payable (to be computed).
4. Wages earned since the December 24 payroll but not yet paid, $2,000.
5. Income tax expense was $4,000, payable in 2025.

COMP4-2 Parts 1, 2, 3 and 6 (T-accounts)

1, 2, 3 and 6. Post the journal entries for transactions (a) through (l) and adjusting entries for transactions (m) through (q) as well as the closing entry to the respective T-Accounts.