7. Prepare the closing Journal entry. (If no entry is required for a transaction/event, select "No Journal Entry account field. Enter your answers in thousands of dollars.) Journal entry worksheet Nate: Enter debits before credits. Required information [The following information applles to the questions allsplayed below.] Alison and Chuck Renny began operations of thelr furniture repalr shop (Lazy Sofa Furniture, Incorporated) on January 1 , 2020. The annual reporting perlod ends December 31. The trlal balance on January 1, 2021, follows (amounts are rounded to thousands of dollars to simplify). Transactions during 2021 (summarlzed In thousands of dollars) follow: a. Borrowed $21 cash on July 1, 2021, slgning a slx-month note payable. b. Purchased equipment for $18 cash on July 2 . c. Issued additional shares of common stock on July 3 for $5. d. Purchased addltional equipment on August 4,$3 cash. e. Purchased, on account, supplies on September 5 for future use, $10. f. On December 6 , recorded revenues in the amount of $65, Including $9 on credlt and $56 recelved in cash. g. Pald salarles and wages expenses on December 7.$35. h. Collected accounts recelvable on December 8,$8. L. Pald accounts payable on December 9,$1. J. Recelved a $3 deposit on December 10 for work to start January 15, 2022 Data for adjusting Journal entrles on December 31: k. Amortization for 2021,$3. 1. Supplies of $4 were counted on December 31, 2021. m. Depreclation for 2021, $2 n. Accrued interest on notes payable of \$1. 0 . Salarles and wages earned but not yet pald, $3. p. Income tax for 2021 was $4 and will be pald in 2022 7. Prepare the closing Journal entry. (If no entry is required for a transactlon/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.)