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: Debit Credit $ 8 4 4 9 $ 1 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 YOOOOOOO $29 $29 Transactions during 2018 follow: a. Borrowed $21 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $24 cash on July 2, 2018 c. Issued additional shares of common stock for $4 on July 3. MacBook Pro Homework Saved U Income Tax Expense Totals $29 $29 Transactions during 2018 follow: a. Borrowed $21 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $24 cash on July 2, 2018. c. Issued additional shares of common stock for $4 on July 3. d. Purchased software on July 4, $4 cash. e. Purchased supplies on July 5 on account for future use, $6. f. Recorded revenues on December 6 of $56, including $10 on credit and $46 received in cash. g. Recognized salaries and wages expense on December 7 of $29; paid in cash. h. Collected accounts receivable on December 8, $7. 1. Paid accounts payable on December 9, $8. J. Received a $4 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 $4 were counted on December 31, 2018. m. Depreciation for 2018, $2. 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 2018 was $5 and will be paid in 2019. 7. Prepare the closing journal entry. (If no entry is required for a transaction/event, select "No Journal Ent account field.) View transaction list Journal entry worksheet 7. Prepare the closing journal entry. (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 A Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general Journal