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Debit Credit $ 5 4 2 6 $ 0 12 3 7 a Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (long-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense Totals 15 4 $29 $ 29 a. Borrowed $21 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $18 cash on July 2. c.Issued additional shares of common stock on July 3 for $5. Purchased additional equipment on August 4, $3 cash. 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 credit and $56 received in cash. 9. Paid salaries and wages expenses on December 7, $35. h Collected accounts receivable on December 8, $8. 7. Paid accounts payable on December 9, $11. Received a $3 deposit on December 10 for work to start January 15, 2019. Data for adjusting journal entries on December 313 k. Amortization for 2018. $3. 7. Supplies of $4 were counted on December 31, 2018 m. Depreciation for 2018, $2. n. Accrued interest on notes payable of $1. o Wages earned but not yet paid $3. p. Income tax for 2018 was $4 and will be paid in 2019 LAZY SOFA FURNITURE, INC. Unadjusted Trial Balance (in thousands) Account Titles Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Supplies Expenses Salaries and Wages Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals $ 0 $ 0 23 4. 5 6 Record the adjusting entry for amortization. Note: Enter debits before credits. General Journal Debit Credit Transaction k. Adjusted Trial Balance (in thousands) Account Titles Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Supplies Expenses Salaries and Wages Expenses Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals Prepare an income statement. LAZY SOFA FURNITURE, INC. Income Statement (in thousands) LAZY SOFA FURNITURE, INC. Statement of Retained Earnings (in thousands) Balance, January 1, 2018 Balance, December 31, 2018 LAZY SOFA FURNITURE, INC Balance Sheet (in thousands) Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. Transaction General Journal Debit Credit LAZY SOFA FURNITURE, INC. Post-Closing Trial Balance (in thousands) Account Titles Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Votes Payable (short-term) Salaries and Wages Payable nterest Payable ncome Tax Pavahle Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expenses Supplies Expenses Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals $ 0 $ 0 n-a. How much net income did Lazy Sofa Furniture, Inc., generate during 2018? (Enter your Net Income $ 5 9-b. Is the company financed primarily by liabilities or stockholders' equity? Liabilities O Stockholders' Equity