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Help DACCT 1115 - Group Project pel page 1 of 2) - Egiten Brothers Harry and Herman Hansyerday opened their machine shop (H & H Tool Co.) on January 1, 2013. The annual reporting period ends December 31. The trial balance on January 1, 2020, appears below (the amounts are rounded to thousands of dollars to simplify). . tv 888 alp ACCT 15 - Group Project page 2 of 2 - Transactions during 2020 (in thousands of dollars) are as follows: a Borrowed $12 cash on a short-term note payable b. Purchased land for future building site, paid cash, 89 c. Earned revenues for 2020, $160, including $40 on credit and $120 collected in cash Issued additional shares for $3 e. Recognized operating expenses for 2020, 85, including $150 credit and $70 paid in cash { Collected accounts receivable, $24 Purchased other assets. $10 cash h. Paid accounts payable, $13 Purchased supplies on account for future use. $18 j. Signed a $25 service contract to start February 1, 2021 k Declared and paid a cash dividend, $17 Data for adjusting journal entries are as follows: L Supplies counted on December 31, 2020, $10 m. Depreciation for the year on the equipment. $6 n. Accrued interest on notes payable, $i o Wages earned since the December 24 payroll not yet paid $12 p. Income tax for the year, $8; will be paid in 2021 Required: 1. Set up T-accounts for the accounts on the trial balance and enter beginning balances 2. Record journal entries for transactions (a) through (k), and post them to the T-accounts 3. Prepare an unadjusted trial balance 4. Record and post the adjusting journal entries through (p) 5. Prepare an adjusted trial balance 6. Prepare an income statement statement of retained earnings and balance sheet 7. Prepare and post the closing journal entries. 8. Prepare a post closing trial balance