Prepare the closing entry

Required information The following information applies to the questions displayed below] Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1,2017. The annual reporting period ends December 31 . The trial balance on January 1, 2018, was as follows the amounts are rounded to thousands of dollars to simplify). Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $32 cash on July 1,2018 signing a six-month note payable. b. Purchased equipment for $35 cash on July 2, 2018. c. Issued additional shares of common stock for $6 on July 3. d. Purchased software on July 4, $2 cash. e. Purchased supplies on July 5 on account for future use, $8 t. Recorded revenues on December 6 of $66. includina $9 on credit and $57 received in cash Transactions during 2018 (summarized in thousands of dollars) follow. a. Borrowed $32 cash on July 1,2018, signing a six-month note payable. b. Purchased equipment for \$35 cash on July 2, 2018. c. Issued additional shares of common stock for $6 on July 3 d Purchased software on July 4,$2 cash. e. Purchased supplies on July 5 on account for future use, $8. f Recorded revenues on December 6 of $66, including $9 on credit and $57 recelved in cash. g. Recognized salaries and wages expense on December 7 of $40; paid in cash. h. Collected accounts receivable on December 8,$8 i. Paid accounts payable on December 9,$9 f. Received a \$2 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Data for adjusting journal entries on December 31 : k. Amortization for 2018, \$1. 1. Supplies of \$2 were counted on December 31, 2018. m. Depreciation for 2018, \$3. n Accrued interest of $1 on notes payable. 0 . Salaries and wages incurred but not yet paid or recorded, $4. p. Income tax expense for 2018 was \$3 and will be paid in 2019. Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits