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Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on January 1. 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, follows (amounts are rounded to thousands of dollars to simplify). Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $24 cash on July 1, 2021, signing a six-month note payable. b. Purchased equipment for $21 cash on July 2 c. Issued additional shares of common stock on July 3 for $5. d Purchased additional equipment on August 4,$3 cash. e. Purchased, on account, supplies on September 5 for future use, $10. f. On December 6, recorded revenues in the amount of $68, including $9 on credit and $59 recelved in cash 9. Paid salaries and wages expenses on December 7, $38. h. Collected accounts receivable on December 8,$8 I Paid accounts payable on December 9.$11. d. Purchased additional equipment on August 4,$3 cash. e. Purchased, on account, supplies on September 5 for future use, $10. f. On December 6 , fecorded revenues in the amount of $68, including $9 on credit and $59 received in cash. 9. Paid salaries and wages expenses on December 7,$38 h. Collected accounts receivable on December 8,$8. 1. Paid accounts payable on December 9.$11. 1. Recelved a $2 deposit on December 10 for work to start January 15, 2022. Data for adjusting journal entries on December 31: k. Amortization for 2021, $2. 1. Supplies of $4 were counted on December 31, 2021. m. Depreciation for 2021, $2 n. Accrued interest on notes payable of $1. 0. Salaries and wages earned but not yet paid, $3. p. Income tax for 2021 was $4 and will be paid in 202Z. Required: 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.) 3. Prepare an unadjusted trial balance. (Enter your answers in thousands of dollars.) Record adjusting journal entries (k) through (p). (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 23456 Amortization for 2021 , \$2. Record the adjusting entry. Note: Enter debits before credits. Required: 5. Prepare an adjusted trial balance. (Enter your answers in thousands of dollars.) Prepare statement of retained earnings. (Enter your ans Prepare a balance sheet. (Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollar LAZY SOFA FURNITURE, INCORPORATED Balance Sheet (in thousands) 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. Enter your answers in thousands of dollars.) Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings. Notes Enter debits before credits T accounts. Enter beginning balances and post journal entries from Part 2, the adjusting journal entries from Part 4 , and the closing entry from Part 7. (Enter your answers in thousands of dollars.) (1) Required information 8. Prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) Data for adjusting journal entries on December 31 : k. Amortization for 2021,$2. 1. Supplies of $4 were counted on December 31, 2021. m. Depreciation for 2021, \$2. n. Accrued interest on notes payable of $1. 0 . Salaries and wages earned but not yet paid, $3. p. Income tax for 2021 was $4 and will be paid in 2022. Required: 9-a. How much net income did Lazy Sofa Furniture, Incorporated, generate during 2021? 9.b. Is the company financed primarily by liabilities or stockholders' equity? How much net income did Lazy Sofa Furniture, Incorporated, generate during 2021? (Enter your answer in thousands of dollars.)