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, 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 simplity: Account Titles Debit Credit Cash $6 Accounts Receivable 2 Supplies 2 Equipment 8 Accumulated Depreciation Software Accumulated Amortization 1 Accounts Payable Notes Payable (short-term) Solaries and Wages Payable Interest Payable Income Taxes Payable e Deferred Revenue Common Stock 12 Retained Earnings Service Revenue Depreciation Expense Amortization Expense Salaries and wages Expense Supplies Expense Interest Expense Income Tax Expense e Totals $24 $ 24 e e e e 5 e e a e Transactions during 2021 (summanzed in thousands of dollars) follow. a. Borrowed $32 cash on July 1, 2021, signing a six month note payable D. Purchased equipment for $35 cash on July 2, 2021 c. issued adattional shares of common stock for 56 on July 3 d. Purchased software on July 4, 52 cash e Purchased supplies on July 5 on account for future use. $8 Recorded revenues on December 6 of $66. Including 59 on credit and 557 received in cash g Recognized salaries and wages expense on December 7 of $40, pold in cash. n Collected accounts receivable on December 8, 58 Pald accounts payable on December 9. $9 Received a $2 cash deposit on December 10 from a hospital for a contract to start January 5, 2022 Data for adjusting journal entries on December 31 * Amortization for 2021. S1 1. Supplies of $2 were counted on December 31, 2021 m. Depreciation for 2021 $3. n Accrued Interest of Ston notes payable o Salaries and wages incurred but not yet paid or recorded, 54 p. Income tax expense for 2021 was $3 and will be paid in 2022 2. Record journal entries for transactions.(a) through (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 2 5 6 7 8 9 ch 10 > Record the borrowing $32 cash on July 1, 2021, signing a six-month note payable. Nota: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general joumal View transaction list Journal entry worksheet Record salaries and wages expense of $40, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 9 Record entry Clear entry View general joumal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Record the collection of accounts receivable, $8. Note Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet
