THE FOLLOWING INFORMATION IN THE FIRST PICTURE APPLIES TO THE PICTURED QUESTIONS BELOW:

(THIS IS AN EIGHT PART QUESTION)

PREPARE AN UNADJUSTED TRAIL BALANCE

RECORD ADJUSTING JOURNAL ENTRY

PREPARE AN ADJUSTED TRIAL BALANCE

PREPARE AN INCOME STATEMENT, STATEMENT OF RETAINED EARNINGS, AND BALANCE SHEET

PREPARE THE CLOSING JOURNAL ENTRY

ENTER BEGINNING BALANCES AND POST JOURNAL ENTRIES FROM PART 2, THE ADJUSTING JOURNAL ENTRIES FROM PART 4, AND THE CLOSING ENTRY FROM PART 7

9 (A,B, & C)

Required information The following information applies to the questions displayed below] Drs Glein Feltham and David Ambrose began operations of thel physical theropy clinic, called Northiond Physical Therapy, on January 1,2020 . The annual reporting period ends December 31 . The triat balance on January 1,2021 , was as follows (the amounts afe rounded to thousands of dollars to simplify) Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $22 cash on July 1, 2021, signing a six-month note payable. b. Putchased equipment for $25 cash on July 2,2021 c. Issued additional shares of common stock for $5 on July 3 d. Purchased software on July 4,53 cash. e. Purchased supplies on July 5 on account for future use, $7. \&Recorded revenues on December 6 of $55, including $8 on credit and $47 recelved in cash. 9. Recognized salaries and wages expense on December 7 of $30; paid in cash. 1. Collected accounts receivabie on December 8,$9. 1 Paid accounts payable on December 9,$10. 1. Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5,2022. Date for edjusting journal entries on December 31 : k. Amortization for 2021, 51 . 1 Supplies of 53 were counted on December 31,2021 m. Depreciation for 2021,54 . n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, 53 . p. income tax expense for 2021 was $4 and wal be paid in 2022 . Required: 2. Record joumal entries for transactions (a) through 6 . (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 6789 Record the borrowing of cash on July 1, 2021, signing a six-month note payable. Note: Enter debits before credits. Journal entry worksheet 5678 Record the purchase of equipment for $25 cash on July 2,2021. Note: Enter debits before credits. Journal entry worksheet 45678 Record the issuance of additional shares of common stock for $5. Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet 1 7 8 Record the purchase of supplies on account for future use, $7. Note: Enter debits before credits. Journal entry worksheet Record the entry for revenues of $55, including $8 on credit and $47 received in cash. Note: Enter debits before credits. Journal entry worksheet Record salaries and wages expense of $30, paid in cash. Note: Enter debits before credits. Journal entry worksheet Record the collection of accounts receivable, $9. Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet Record the receipt of $3 cash deposit from a hospital for a contract to start January 5,2022 . Note: Enter debits before credits. NORTHLAND PHYSICAL THERAPY Unadjusted Trial Balance (in thousands) Journal entry worksheet 6 Record the adjusting entry for amortization for 2021,$1. Note: Enter debits before credits. Journal entry worksheet 6 Record the adjusting entry for supplies counted on December 31,2021 for $3. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for accured interest for $1 on notes payable. Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for salaries and wages earned but not paid for $3. Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for income tax expense for 2021 for $4 that will be paid in 2022. Note: Enter debits before credits. NORTHLAND PHYSICAL THERAPY Adjusted Trial Balance (in thousands) Account Titles Debit NORTHLAND PHYSICAL THERAPY Income Statement (in thousands) \begin{tabular}{|c|} \hline NORTHLAND PHYSICAL THERAPY \\ Statement of Retained Earnings \\ \hline (in thousands) \\ \hline Balance, January 1, 2021 \\ \hline \end{tabular} NORTHLAND PHYSICAL THERAPY Balance Shoet (in thousands) Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. 9-a. How much net income did the physical therapy clinic generate during 2021 ? What was its net profit margin? 9-b. Is the business financed primarily by liabilities or stockholders' equity? 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. How much net income did the physical therapy clinic generate during 2021? What was its net profit margin? (Enter "Net Income" in thousands of dollars. Round "Net Profit Margin" to 1 decimal place.) 9-a. How much net income did the physical therapy clinic generate during 2021? What was its net profit margin? 9-b. Is the business financed primarily by liabilities or stockholders' equity? 9.c. What is its current ratio? Complete this question by entering your answers in the tabs below. Is the business financed primarily by liabilities or stockholders' equity? 9-a. How much net income did the physical therapy clinic generate during 2021? What was its net profit margin? 9-b. Is the business financed primarily by liabilities or stockholders' equity? 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. What is its current ratio? (Enter your answers in thousands of dollars.) Required information The following information applies to the questions displayed below] Drs Glein Feltham and David Ambrose began operations of thel physical theropy clinic, called Northiond Physical Therapy, on January 1,2020 . The annual reporting period ends December 31 . The triat balance on January 1,2021 , was as follows (the amounts afe rounded to thousands of dollars to simplify) Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $22 cash on July 1, 2021, signing a six-month note payable. b. Putchased equipment for $25 cash on July 2,2021 c. Issued additional shares of common stock for $5 on July 3 d. Purchased software on July 4,53 cash. e. Purchased supplies on July 5 on account for future use, $7. \&Recorded revenues on December 6 of $55, including $8 on credit and $47 recelved in cash. 9. Recognized salaries and wages expense on December 7 of $30; paid in cash. 1. Collected accounts receivabie on December 8,$9. 1 Paid accounts payable on December 9,$10. 1. Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5,2022. Date for edjusting journal entries on December 31 : k. Amortization for 2021, 51 . 1 Supplies of 53 were counted on December 31,2021 m. Depreciation for 2021,54 . n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, 53 . p. income tax expense for 2021 was $4 and wal be paid in 2022 . Required: 2. Record joumal entries for transactions (a) through 6 . (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 6789 Record the borrowing of cash on July 1, 2021, signing a six-month note payable. Note: Enter debits before credits. Journal entry worksheet 5678 Record the purchase of equipment for $25 cash on July 2,2021. Note: Enter debits before credits. Journal entry worksheet 45678 Record the issuance of additional shares of common stock for $5. Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet 1 7 8 Record the purchase of supplies on account for future use, $7. Note: Enter debits before credits. Journal entry worksheet Record the entry for revenues of $55, including $8 on credit and $47 received in cash. Note: Enter debits before credits. Journal entry worksheet Record salaries and wages expense of $30, paid in cash. Note: Enter debits before credits. Journal entry worksheet Record the collection of accounts receivable, $9. Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet Record the receipt of $3 cash deposit from a hospital for a contract to start January 5,2022 . Note: Enter debits before credits. NORTHLAND PHYSICAL THERAPY Unadjusted Trial Balance (in thousands) Journal entry worksheet 6 Record the adjusting entry for amortization for 2021,$1. Note: Enter debits before credits. Journal entry worksheet 6 Record the adjusting entry for supplies counted on December 31,2021 for $3. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for accured interest for $1 on notes payable. Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for salaries and wages earned but not paid for $3. Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for income tax expense for 2021 for $4 that will be paid in 2022. Note: Enter debits before credits. NORTHLAND PHYSICAL THERAPY Adjusted Trial Balance (in thousands) Account Titles Debit NORTHLAND PHYSICAL THERAPY Income Statement (in thousands) \begin{tabular}{|c|} \hline NORTHLAND PHYSICAL THERAPY \\ Statement of Retained Earnings \\ \hline (in thousands) \\ \hline Balance, January 1, 2021 \\ \hline \end{tabular} NORTHLAND PHYSICAL THERAPY Balance Shoet (in thousands) Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. 9-a. How much net income did the physical therapy clinic generate during 2021 ? What was its net profit margin? 9-b. Is the business financed primarily by liabilities or stockholders' equity? 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. How much net income did the physical therapy clinic generate during 2021? What was its net profit margin? (Enter "Net Income" in thousands of dollars. Round "Net Profit Margin" to 1 decimal place.) 9-a. How much net income did the physical therapy clinic generate during 2021? What was its net profit margin? 9-b. Is the business financed primarily by liabilities or stockholders' equity? 9.c. What is its current ratio? Complete this question by entering your answers in the tabs below. Is the business financed primarily by liabilities or stockholders' equity? 9-a. How much net income did the physical therapy clinic generate during 2021? What was its net profit margin? 9-b. Is the business financed primarily by liabilities or stockholders' equity? 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. What is its current ratio? (Enter your answers in thousands of dollars.)