Transactions during 2017 follow Borrowed $40,000 cash on July 1, 2017, signing a one year, 10 percent note payable Purchased equipment for $20,000 cash on July 1, 2017 Sold 30,000 additional shares on January 1, 2017, of capital stock for cash at $ 50 market value per share at the beginning of the year Earned $142,000 in revenue Transactions dated August 15, 2017, including $28,000 on credit and the rest in cash Incurred remaining expenses of $38,000, invoices dated September 15, 2017 including $9,000 on credit and the rest paid in cash Purchased additional small tools on September 23, 2017, $4,000 cash Collected accounts receivables on October 6, 2017, $14,000 Paid accounts payable on November 11, 2017, $16,000 Purchased $17,000 of supplies on account on November 30, 2017 Received a $3,000 deposit on December 2, 2017, for work to start January 15, 2018 Declared and paid cash dividends on December 17th, $19,000 Data for adjusting entries Supplies of $7,000 and small tools of $6,000 were counted on December 31, 2017 (debit Remaining Expenses) Depreciation for 2017, $6,000 Interest accrued on notes payable (to be computed) Wages earned since the December 24 payroll but not yet paid, $4,000 Income tax expense was $6,000, payable in 2018 PREPARE THE GENERAL JOURAL WITH THE CLOSING ENTRY AND ADJUSTED INCOME STATEMENT WITH EARNINGS PER SHARE Josh and Kelly McKay began operations of their furniture repair shop (Furniture Refinishers, Inc ) on January 1, 2016 The annual reporting period ends December 31 The trial balance on January 1, 2017, was as follows Credit Debit 6,000 5,000 6,000 7,000 9,000 8,000 Account Titles Cash Accounts receivable Supplies Small tools Equipment Accumulated depreciation (on equipment) Other assets (not detailed to simplify) Accounts payable Notes payable Wages payable Interest payable Income taxes payable Unearned revenue Common stock (90,000 shares, $0 10 par value) Additional paid in capital Retained earnings Service revenue Depreciation expense Wages expense Interest expense Income tax expense Remaining expenses (not detailed to simplify) Totals 9,000 12,000 4,000 33,000 33,000

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Transactions during 2017 follow: Borrowed $40,000 cash on July 1, 2017, signing a one-year, 10 percent note payable. Purchased equipment for $20,000 cash on July

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Transactions during 2017 follow:

Borrowed $40,000 cash on July 1, 2017, signing a one-year, 10 percent note payable.
Purchased equipment for $20,000 cash on July 1, 2017.
Sold 30,000 additional shares on January 1, 2017, of capital stock for cash at $.50 market value per share at the beginning of the year.
Earned $142,000 in revenue. Transactions dated August 15, 2017, including $28,000 on credit and the rest in cash.
Incurred remaining expenses of $38,000, invoices dated September 15, 2017 including $9,000 on credit and the rest paid in cash.
Purchased additional small tools on September 23, 2017, $4,000 cash.
Collected accounts receivables on October 6, 2017, $14,000.
Paid accounts payable on November 11, 2017, $16,000.
Purchased $17,000 of supplies on account on November 30, 2017.
Received a $3,000 deposit on December 2, 2017, for work to start January 15, 2018.
Declared and paid cash dividends on December 17th, $19,000.

Data for adjusting entries:

Supplies of $7,000 and small tools of $6,000 were counted on December 31, 2017 (debit Remaining Expenses).
Depreciation for 2017, $6,000.
Interest accrued on notes payable (to be computed).
Wages earned since the December 24 payroll but not yet paid, $4,000.
Income tax expense was $6,000, payable in 2018.

PREPARE THE GENERAL JOURAL WITH THE CLOSING ENTRY AND ADJUSTED INCOME STATEMENT WITH EARNINGS PER SHARE.

Josh and Kelly McKay began operations of their furniture repair shop (Furniture Refinishers, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2017, was as follows: Credit Debit 6,000 5,000 6,000 7,000 9,000 8,000 Account Titles Cash Accounts receivable Supplies Small tools Equipment Accumulated depreciation (on equipment) Other assets (not detailed to simplify) Accounts payable Notes payable Wages payable Interest payable Income taxes payable Unearned revenue Common stock (90,000 shares, $0.10 par value) Additional paid-in capital Retained earnings Service revenue Depreciation expense Wages expense Interest expense Income tax expense Remaining expenses (not detailed to simplify) Totals 9,000 12,000 4,000 33,000 33,000