Recording Transactions (Including Adjusting and Closing Entries), Preparing a Complete Set of Financial Statements, and Performing Ratio Analysis LO4-1, 4-2, 4-3, 4-4 [The following information applies to the questions displayed below.] Brothers Mike and Tim Hargen began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015, follows: Account Titles Debit Credit Cash $ 4,900 Accounts receivable 7,900 Supplies 16,500 Land Equipment 83,000 Accumulated depreciation (on equipment) $ 7,300 Other assets (not detailed to simplify) 5,500 Accounts payable Wages payable Interest payable Income taxes payable Long-term notes payable Common stock (9,800 shares, $0.50 par value) 4,900 Additional paid-in capital 76,100 Retained earnings 29,500 Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Remaining expenses (not detailed to simplify) Totals $ 117,800 $ 117,800 Transactions during 2015 follow:
a. Borrowed $13,200 cash on a five-year, 9 percent note payable, dated March 1, 2015.
b. Purchased land for a future building site; paid cash, $13,200.
c. Earned $212,000 in revenues for 2015, including $56,000 on credit and the rest in cash.
d. Sold 4,900 additional shares of capital stock for cash at $1 market value per share on January 1, 2015.
e. Incurred $109,000 in Remaining Expenses for 2015, including $17,000 on credit and the rest paid in cash.
f. Collected accounts receivable, $36,000.
g. Purchased other assets, $11,200 cash.
h. Paid accounts payable, $16,000.
i. Purchased supplies on account for future use, $23,500.
j. Signed a three-year $33,000 service contract to start February 1, 2016.
k. Declared and paid cash dividends, $22,400. Data for adjusting entries:
l. Supplies counted on December 31, 2015, $18,300.
m. Depreciation for the year on the equipment, $7,300.
n. Interest accrued on notes payable (to be computed).
o. Wages earned by employees since the December 24 payroll but not yet paid, $15,900.
p. Income tax expense, $9,800, payable in 2016.
1. Prepare journal entries for transactions (a) through (k). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)