Savod Required intormation COMP4-2 (Static) Recording Transactions (Including Adjusting and Closing Entries), Preparing Financial Statements, and Performing Ratio Analysis LO4-1, 4-2, 4-3, 4-4 (IRT) [The following information applies to the questions displayed below] Aubrae and Tylor Williamson began operations of their furniture repair shop (Furniture Refinishers, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, was as follows. Furniture Refinishers, Inc. Trial Balance on January 1, 2020 Account Titles Debit Cash Credit 5,000 Accounts receivable 4,000 Supplies 2.000 Small tools 6,000 Equipment Accumulated depreciation (on equipment) Other assets (not detailed to simplify) 9,000 Accounts payable 7.000 Dividends payable Notes payable Wages payable Interest payable Income taxes payable Unearned revenue 5.000 Common stock (60,000 shares, 50.10 per value) Additional pald-in capital Retained carning: Service revenue Depeeciation expense woges expense Interest expense Income tax experts cellaneous expenses 275 000 Total 9.000 4.000 Next Pre E PROBLEM - Required 0 Saved Transactions during 2020 follow a Borrowed $20,000 cash on July 1, 2020, signing a one-year, 10 percent note payable. b. Purchased equipment for $18,000 cash on July 1, 2020. c. Sold 10,000 additional shares of capital stock for cash at $0.50 market value per share at the beginning of the year d. Earned $70,000 in revenues for 2020, including $14,000 on credit and the rest in cash. e. Incurred $27.000 in wages expense and $8.000 in miscellaneous expenses for 2020, with $7,000 on credit and the rest paid with cash. Note: Wages are paid in cash. f. Purchased additional small tools, $3,000 cash g. Collected accounts receivable, $8,000. h. Paid accounts payable, $11,000. 1. Purchased $10,000 of supplies on account, J. Received a $3,000 deposit on work to start January 15, 2021. k. Declared a cash dividend on December 1, $10.000, pald on December 31 Data for adjusting entries: Supplies of $4.000 and small tools of $8.000 were counted on December 31, 2020 (debit Miscellaneous Expenses) m. Depreciation for 2020. $2.000. n Interest accrued on notes payable to be computed) o Wages earned since the December 24 payroll but not yet paid $3.000 p.Income tax expense was $4.000 payable in 2021 COMP4-2 Parts 1, 2, 3 and 6 (T-accounts) 1.2.3 and 6. Pon the tournalenules for ansactions to through and adjusting entries for transactions through all to the Sihad COMP4-2 Parts 1, 2, 3 and 6 (T-accounts) 1, 2, 3 and 6. Post the journal entries for transactions (a) through (k) and adjusting entries for transactions (1) through (p) to the respective T-Accounts. Cash Accounts Receivable Beg bal. Beg bal End bal End bal 0 Supplies Small Tools Beg bal Beg bal End bal End, bal Accumulated Deco Boniment Prav New Required information Equipment Accumulated Depreciation Beg bal Beg bal End bal 0 End bal 0 Other Assets Accounts Payable Beg bal Beg bal End bal 0 End bal 0 Notes Payable Dividends Payable Beg bal Beg bal End bal 0 End bal 0 Wages Payable Interest Payable Beg bal Bog bal End bil End bal Eray Next Required information Income Taxes Payable Uneamed Raven Beg bal. Beg. bal. End, bal 0 End bal 0 Common Stock Additional Paid in Capital Beg bal Beg bal End bal 0 End bal 0 Retained Earnings Service Revenue Beg bal Beg bal 0 End, bal 0 End bal Income Tax Expense Interest Expense Beg bal Beg bal End bal End bal Required information End, bal 0 End, bal 0 Depreciation Expense Wages Expense Beg bal Beg bal. End, bal 0 End, bal 0 Miscellaneous expenses Beg bal End bal