of g Required information C4-2 (Algo) 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] Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Incorporated) on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, follows (the amounts are rounded to thousands of dollars to simplify): look Account Titles Cash Debit 54 Credit Accounts Receivable 4 Supplies rint 11 Land e Equipment 53 Accumulated Depreciation $ 7 Software 20 rences Notes Payable (short-term) Salaries and Wages Payable Interest Payable Accumulated Amortization 7 Accounts Payable 6 0 0 0 Income Tax Payable Common Stock Retained Earnings Service Revenue e 65 7 Salaries and Wages Expense Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals $92 $92 c Transactions and events during 2021 (summarized in thousands of dollars) follow a. Borrowed $13 cash on March 1 using a short-term note b. Purchased land on March 2 for future building site: paid cash, $7. c. Issued additional shares of common stock on April 3 for $31. d Purchased software on lulu 4 $17 rach 6 of 9 Book Print 0 erences Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $7 1. Supplies counted on December 31, 2021, $11. m. Depreciation for the year on the equipment, $7. n. Interest of $2 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $13. p. Income tax for the year was $9. It will be paid in 2022. C4-2 (Algo) Part 7 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.) View transaction list Journal entry worksheet 1 Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. Transaction A General Journali Debit Credit < Prev 6 7 8 9 of 9 Next Required information View transaction list Journal entry worksheet 1 Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 9