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Required information [The following Information applies to the questions displayed below.] Brothers Harry and Herman Hausyerday began operations of thelr machine shop ( H&H Tool,

image text in transcribed Required information [The following Information applies to the questions displayed below.] Brothers Harry and Herman Hausyerday began operations of thelr machine shop ( H&H Tool, Incorporated) on January 1 . 2020. The annual reporting perlod ends December 31. The trial balance on January 1, 2021, follows (the amounts are rounded to thousands of dollars to simplify): 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 bullding site; pald cash, $7. c. Issued addltional shares of common stock on Aprll 3 for $25. d. Purchased software on July 4, \$12 cash. e. Purchased supplies on account on October 5 for future use, \$17. f. Pald accounts payable on November 6. \$14. g. Signed a $30 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $158 on December 8 , Including $39 on credlt and $119 collected in cash. L. Recognized salarles and wages expense on December 9,$84 pald in cash. 1. Collected accounts recelvable on December 10, $23. Data for adjusting Journal entrles as of December 31: k. Unrecorded amortization for the year on software, \$6. L. Supplies counted on December 31, 2021, \$11. m. Depreclation for the year on the equipment, $7. n. Interest of $2 to accrue on notes payable. o. Salarles and wages earned but not yet pald or recorded, $12 p. Income tax for the year was $9. It wlll be paid in 2022 quired: 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.) Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings. Note: Enter deb's before credts

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