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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
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; paid cash, $9. c. Issued additional shares of common stock on April 3 for $26. d. Purchased software on July 4,$10 cash. e. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on November 6,$13. g. Signed a $25 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $156 on December 8 , including $38 on credit and $118 collected in cash. 1. Recognized salaries and wages expense on December 9,$83 paid in cash. f. Collected accounts receivable on December 10,$22 Data for adjusting journal entries as of December 31 : k. Unrecorded amortization for the year on software, $7. 1. 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. o. 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 Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits
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