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Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on January 1 , 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, follows (amounts are rounded to thousands of dollars to simplify). Transactions during 2021 (summarized in thousands of doliars) follow: a. Borrowed $23 cash on July 1, 2021, signing a six-month note payable. b. Purchased equipment for $20 cash on July 2 . c. Issued additional shares of common stock on July 3 for $6. d. Purchased additional equipment on August 4,$2 cash. e. Purchased, on account, supplies on September 5 for future use, $8. f. On December 6 , recorded revenues in the amount of $65, including $7 on credit and $58 received in cash. g. Paid salaries and wages expenses on December 7,$37. h. Collected accounts recelvabie on December 8,$9. Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $23 cash on July 1, 2021, signing a six-month note payable. b. Purchased equipment for $20 cash on July 2 . c. Issued additional shares of common stock on July 3 for $6. d. Purchased additional equipment on August 4,$2 cash. e. Purchased, on account, supplies on September 5 for future use, $8. f. On December 6 , recorded revenues in the amount of $65, including $7 on credit and $58 received in cash. g. Paid salaries and wages expenses on December 7,$37. h. Collected accounts receivable on December 8,$9, 1. Paid accounts payable on December 9,$12. J. Recelved a $5 deposit on December 10 for work to start January 15,2022. Data for adjusting joumal entries on December 31: k. Amortization for 2021,$5. 1. Supplies of $6 were counted on December 31, 2021. m. Depreciation for 2021,$3. n. Accrued interest on notes payable of SAssesment Tool iframe o. Salaries and wages earned but not yet Assiusment $4 p. Income tax for 2021 was $2 and will be paid in 2022 . Required: 7. Prepare the closing journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) 1. Hrepare une ciosing journa entry. (It no entry is requirea ror a transacuon/event, seiect rvo sournai entry requirea in me nirst account field. Enter your answers in thousands of dollars.) Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits