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Required information C4.4 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6) (The following information applies to the questions displayed below] Allson and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2017 The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (amounts are rounded to thousands of dollars to simplify): Account Titles Debit Credit Cash Accounts Receivable Supplies Equipment accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (long-term) Salaries and Mages Payable Interest Payable Income Tax Tayable Deferred Ravenue 10 D Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (long-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense Totals Debit Credit $ 6 3 1 5 $ 0 10 5 6 0 0 0 0 0 11 3 0 0 0 0 0 0 $ 25 $ 25 Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $11 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $13 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. 1. On December 6, recorded revenues in the amount of $53, including $7 on credit and $46 received in cash 9. Paid salaries and wages expenses on December 7, $29. h. Collected accounts receivable on December 8, $9. 1. Paid accounts payable on December 9, $12. J. Received a $5 deposit on December 10 for work to start January 15, 2019. Data for adjusting journal entries on December 31: k. Amortization for 2018, $5. 1. Supplies of $6 were counted on December 31, 2018 m. Depreciation for 2018, $3. n. Accrued interest on notes payable of $3. o. Wages earned but not yet paid, $4. p. Income tax for 2018 was $4 and will be paid in 2019, C4-4 Part 7 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.) View transactions Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings Not: Enter deb betone credits 8. Post the closing entry from requirement 7 and prepare a post-closing trial balance. (Enter your answers in thousands of dollars) LAZY SOFA FURNITURE, INC. Pout-Closing Trial Balance Debit Credit in thousandu) Account This Canh Acounts Receivable Supplies Esimer Accumulated Depreciation Software Accumulated Amortization C4-4 Part 9 9-a. How much net income did Lazy Sofa Furniture, Inc, generate during 2018? (Enter your answer in thousands of dollars.) 9.b. Is the company financed primarily by liabilities or stockholders' equity? Liabilities Stockholders' Equity
