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Aubrae and Tylor Williamson began operations of their furniture repair shop $($Furniture Refinishers, Incorporated$)$ on January $1,2019.$ The annual reporting period ends December $31.$ The trial balance on January $1,2024,$ was as follows:

Furniture Refinishers, Incorporated

Trial Balance on January $1,2024$

Account Titles Debit Credit

Cash $5,000$

Accounts receivable $4,000$

Supplies $4,000$

Small tools $8,000$

Equipment

Accumulated depreciation $($on equipment$)$

Other assets $($not detailed to simplify$)11,000$

Accounts payable $6,000$

Dividends payable

Notes payable

Wages payable

Interest payable

Income taxes payable

Unearned revenue

Common stock $(60,000$ shares, $$0\mathrm{.}10$ par value$)6,000$

Additional paid$-$in capital $9,000$

Retained earnings $11,000$

Service revenue

Depreciation expense

Wages expense

Interest expense

Income tax expense

Miscellaneous expenses $($not detailed to simplify$)$

Totals $32,00032,000$

Transactions during $2024$ follow:

Sold $20,000$ additional shares of capital stock for cash at $$0\mathrm{.}50$ market value per share at the beginning of the year.

Borrowed $$40,000$ cash on July $1,2024,$ signing a one$-$year, $10$ percent note payable.

Purchased equipment for $$13,000$ cash on July $1,2020.$

Earned $$86,000$ in revenues for $2024,$ including $$17,000$ on credit and the rest in cash.

Incurred $$29,000$ in wages expense and $$10,000$ in miscellaneous expenses for $2024,$ with $$9,000$ on credit and the rest paid with cash.

Purchased additional small tools, $$3,000$ cash.

Collected accounts receivable, $$7,000.$

Paid accounts payable, $$11,000.$

Purchased $$10,000$ of supplies on account.

Declared a cash dividend on December $1,$ $$12,000.$

Received a $$3,000$ deposit on work to start January $15,2025.$

Paid the dividends in $($j$)$ on December $31.$

Data for adjusting entries:

Supplies of $$6,000$ and small tools of $$7,000$ were counted on December $31,2024($debit Miscellaneous Expenses$).$

Depreciation for $2024,$ $$4,000.$

Interest accrued on notes payable $($to be computed$).$

Wages earned since the December $24$ payroll but not yet paid, $$5,000.$

Income tax expense was $$6,000,$ payable in $2025.$

$6.$ Prepare the closing entry on December $31,2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.