Prepare the journal entries to record the transactions $($a$)$ through $($j$).$ Review the accounts as shown in the General Ledger and Trial Balance tabs$.$ Then prepare the necessary adjusting entries $($k$)$ through $($p$)$ to correctly report net income for the period. Then record the closing entry as of December $31.$

General Ledger tab $-$ Each journal entry is posted automatically to the general ledger. Use the drop$-$down button to view the unadjusted, adjusted, or post$-$closing balances in the General Ledger.

Trial Balance tab $-$ You may view either the unadjusted, adjusted, or post$-$closing trial balance by choosing from the drop$-$down.

Income Statement tab $-$ Use the drop$-$down to select the accounts properly included on the income statement. The unadjusted, adjusted, or post$-$closing balances will appear for each account based on your selection.

Statement of Retained Earnings tab $-$ Prepare the statement of retained earnings for the year ended December $31,2024.$

Balance Sheet tab $-$ Use the drop$-$down to select the accounts to properly included on the balance sheet. The unadjusted, adjusted, or post$-$closing balances will appear for each account, based on your selection.

Analysis tab $-$ Using the information from the requirements above, complete the 'Analysis' tab.

Jessica Shannon and Kelvin Ali began operations of their physical therapy clinic, called Northland Physical Therapy, on January $1,2023.$ The annual reporting period ends December $31.$ The trial balance on January $1,2024,$ was as follows $($the amounts are rounded to thousands of dollars to simplify$)$:

Account Titles Debit Credit

Cash $ $7$

Accounts Receivable $3$

Supplies $3$

Equipment $9$

Accumulated Depreciation $ $2$

Software $6$

Accumulated Amortization $2$

Accounts Payable $4$

Notes Payable $($short$-$term$)0$

Salaries and Wages Payable $0$

Interest Payable $0$

Income Taxes Payable $0$

Deferred Revenue $0$

Common Stock $15$

Retained Earnings $5$

Service Revenue $0$

Depreciation Expense $0$

Amortization Expense $0$

Salaries and Wages Expense $0$

Supplies Expense $0$

Interest Expense $0$

Income Tax Expense $0$

Totals $ $28$ $ $28$

Transactions during $2024($summarized in thousands of dollars$)$ follow:

Borrowed $$25$ cash on July $1,$ signing a six$-$month note payable.

Purchased equipment for $$28$ cash on July $2.$

Issued additional shares of common stock for $$5$ on July $3.$

Purchased software on July $4,$ $$3$ cash.

Received supplies on July $5$ on account for future use, $$7.$

Recorded revenues on December $6$ of $$58,$ including $$8$ on credit and $$50$ received in cash.

Recognized salaries and wages expense on December $7$ of $$33$; paid in cash.

Collected accounts receivable on December $8,$ $$9.$

Paid accounts payable on December $9,$ $$10.$

Received a $$3$ cash deposit on December $10$ from a hospital for a contract to start January $5,2025.$

Data for adjusting journal entries on December $31$:

Amortization for $2024,$ $$2.$

Supplies of $$3$ were counted on December $31,2024.$

Depreciation for $2024,$ $$4.$

Interest of $$1$ on notes payable is yet to be recorded.

Salaries and wages incurred but not yet paid or recorded, $$3.$

Income tax expense for $2024$ was determined to be $$4$ and will be paid in $2025.$

Note: Enter all of your answers in thousands of dollars. $($i$.$e$.,$ $$100,000$ should be entered as $$100).$