help please!
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 3 5 20 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 nen 5 6 OOOOO 11 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 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. On December 6, recorded revenues in the amount of $53, including $7 on credit and $46 received in cash g. 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. 5. Post the adjusting entries from requirement 4 and prepare an adjusted trial balance. (Enter your answers in thousands of dollars.) LAZY SOFA FURNITURE, INC Adjusted Trial Balance Dobit Credit in thousands) MEESTI Cash Accounts Receivable Supplies Equipment Aboumated Depreciation Software Accumuhted Amorturation Accounts Payable No Payable (short-term) Salaries and Wages Pablo C4-4 Part 6 6-a. Prepare an income statement. 6-b. Prepare statement of retained earnings. 6-c. Prepare a balance sheet. (For all requirements, enter your answers in thousands of dol -48 ed Complete this question by entering your answers in the ta ok Reg 6A Req 6B Req 6C nit Prepare an income statement. onces LAZY SOFA FURNITURE, INC. Income Statement (in thousands)
