ped nces C4-3 (Algo) Recording Transactions (Including Adjusting Entries), Preparing Financial Statements and Closing Entries, General Ledger and Computing Net Profit Margin and Current Ratio (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, was as follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals Debit Credit $7 0 $ 27 $ 27 Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $17 cash on July 1, 2021, signing a six-month note payable. b. Purchased equipment for $20 cash on July 2, 2021. c. Issued additional shares of commn stock for $5 on July 3. d. Purchased software on July 4, $3 cash. e. Purchased supplies on July 5 on account for future use, $7. Recorded revenues on December 6 of $50, including $8 on credit and $42 received in cash. g. Recognized salaries and wages expense on December 7 of $25; paid in cash. h. Collected accounts receivable on December 8, $9. 7. Paid accounts payable on December 9, $10, Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5, 2022. Data for adjusting journal entries on December 31: k. Amortization for 2021, $1. 1. Supplies of $3 were counted on December 31, 2021. m. Depreciation for 2021, $4. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $4. p. Income tax expense for 2021 was $4 and will be paid in 2022. (Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100).) Print (Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100).) D rences General Requirement Journal General Ledger Trial Balance Income Statement Statement of Retained Balance Sheet Analysis Earnings Prepare the journal entries to record transactions (a) through (). Then prepare the necessary adjusting entries (k) through (p) to correctly report net income for the period. Then record the closing entry as of December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 7 8 9 10 11 12 17 Supplies of $3 were counted on December 31, 2021. Record the adjusting entry. Note: Enter debits before credits Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal Statement of General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Retained Earnings Prepare the journal entries to record transactions (a) through (). Then prepare the necessary adjusting entries (k) through (p) to correctly report net income for the period. Then record the closing entry as of December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 8 9 10 11 12 13 17 Depreciation for 2021, $4. Record the adjusting entry. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal General Requirement Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Analysis ces Prepare the journal entries to record transactions (a) through (). Then prepare the necessary adjusting entries (k) through (p) to correctly report net income for the period. Then record the closing entry as of December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 9 10 11 12 13 14 17 Accrued interest of $1 on notes payable. Record the adjusting entry. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal General Requirement Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Analysis ces Prepare the journal entries to record transactions (a) through (). Then prepare the necessary adjusting entries (k) through ( correctly report net income for the period. Then record the closing entry as of December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 10 11 12 13 14 15.... 17 Salaries and wages incurred but not yet paid or recorded, $4. Record the adjusting entry. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal (Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100).) Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Analysis Prepare the journal entries to record transactions (a) through (). Then prepare the necessary adjusting entries (k) through (p) t- correctly report net income for the period. Then record the closing entry as of December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 10 11 12 13 14 15 16 16 17 Income tax expense for 2021 was $4 and will be paid in 2022. Record the adjusting entry. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Analysis Prepare the journal entries to record transactions (a) through (). Then prepare the necessary adjusting entries (k) through (p) to correctly report net income for the period. Then record the closing entry as of December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 10 11 12 13 14 15 16 16 Record entry to close revenue and expense accounts to retained earnings. Combine the closing of revenue and expenses into one entry. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal