Transactions and events during 2021 (summarized in thousands of dollars) follow: a. Borrowed $11 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site: paid cash. $8. c. Issued additional shares of common stock on April 3 for $30. d. Purchased software on July 4, $11 cash. e. Purchased supplies on account on October 5 for future use, $19. f. Paid accounts payable on November 6, $12. g. Signed a $20 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $148 on December 8, including $34 on credit and $114 collected in cash. 1. Recognized salaries and wages expense on December 9, $79 paid in cash. Collected accounts receivable on December 10, $18. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software. $6. Supplies counted on December 31, 2021, $12. m Depreciation for the year on the equipment. $5. n Interest of $1 to accrue on notes payable. Salaries and wages earned but not yet paid or recorded. $11 p. Income tax for the year was $7. It will be paid in 2022

Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.