to {The following information pow Brothers Harry and Herman Hausyerday began operations of their machine shop (H&H Tool, Incorporated) on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021. follows the amounts are rounded to thousands of dollars to simplity) Credit Debit $3 5 12 0 66 56 21 5 Account Title Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Amortization expense Income Tax Expense Interest Expense Supplies Expense Totalo $ 102 $ 107 Transactions and events during 2021 (summarized in thousands of dollars) Follow a. Borrowed $12 cash on March 1 using a short-term riote. b. Purchased land on March 2 for future building site: paid cash $9. c Issued additional shares of common stock on April 3 for $29 d. Purchased software on July 4 $10 cash e. Purchased supplies on account on October 5 for future use, $18. Pald accounts payable on November 6, $13, Signed a $25 service contract on November 7 to start February 1 2022 h. Recorded revenues of $172 on December 8, including $46 on credit and $126 collected in cash. Recognized salaries and wages expense on December 9, $91 paid in cash 1. Collected accounts receivable on December 10, $30. Income Tax Expenne Interest Expense Supplies Expenne Totals $ 10% $ 107 Transactions and events during 2021 (summarized in thousands of dollars) follow a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; pald cash, $9. Issued additional shares of common stock on April 3 for $29 d. Purchased software on July 4, S10 cash e Purchased supplies on account on October 5 for future use. $18. Pald accounts payable on November 6, $13. 9. Signed a $25 service contract on November 7 to start February 1, 2022 n. Recorded revenues of $172 on December 8, including $46 on credit and $126 collected in cash Recognized salaries and wages expense on December 9, $91 pold in cash. J. Collected accounts recelvable on December 10, $30. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $6. Supplies counted on December 31, 2021, $10, m. Depreciation for the year on the equipment. $6. n. Interest of $1 to accrue on notes payable. a Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022. Required: 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.) View transacien list Journal entry worksheet barndante de rentaine Required: 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.) View transaction lat Journal entry worksheet
