1. Record the entry for the investment of $10,200 cash, paid by the leader of the band.
2. Record the purchase of music equipment by paying $1,000 cash and signing an $9,200 promissory note payable in three years.
3. Record the entry for the booking of the band for six concert events, at a price of $2,600 each.
4. Record the entry for revenue for the four events completed.
5. Record the receipt of cash for three of the four events at $2,600/event.
6. Record the collection on January 24 of half of the $2,600/event for an event scheduled in February.
7. Record the payment of $2,140 travel related costs.
8. Record the payment of $2,100 cash for wages for three events.
9. Record the entry for the wages due but not paid for the fourth event.
10. Record the entry for depreciation of $111/month which has not yet been recorded.
11. Record the $69 interest expense not yet recorded and paid.
12. Record the income tax expense at 25% on the company's income before tax.
Required information (The following information applies to the questions displayed below.) North Star prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. Credit Account Titles Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Income Tax Payable Common Stock Debit $12,600 6,600 2,520 21,600 $ 1,060 1,060 Retained Earnings 0 25,400 2,700 51,800 Sales Revenue Salaries and Wages Expense Utilities Expense Rent Expense Depreciation Expense Income Tax Expense 25,600 13,100 0 0 0 $82,020 Totals $82,020 Other data not yet recorded at December 31: a. Rent expired during the year, $1,260. b. Depreciation expense for the year, $1,060. c. Utilities used and unpaid, $9,600. d. Income tax expense, $450. Required: 1. Indicate the accounting equation effects of each required adjustment. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Answer is complete but not entirely correct. Transcation Assets Liabilities a. Prepaid Rent Accumulated Depreciation 2,500 X 1,060 X b. Stockholders' Equity Rent Expense Depreciation Expense Utilities Expense Income Tax Expense OOOO 0 x 0 X 9,600 0 c. Accounts Payable Income Tax Payable 11.060 X 450 d. ! Required information (The following information applies to the questions displayed below.) RunHeavy Corporation (RHC) is a corporation that manages a local band. RHC was formed with an investment of $10,200 cash, paid in by the leader of the band on January 3 in exchange for common stock. On January 4, RHC purchased music equipment by paying $1,000 cash and signing an $9,200 promissory note payable in three years. On January 5, RHC booked the band for six concert events, at a price of $2,600 each. Of the six events, four were completed between January 10 and 20. On January 22, cash was collected for three of the four events. The other two bookings were for February concerts, but on January 24, RHC collected half of the $2,600 fee for one of them. On January 27, RHC paid $2,140 cash for the band's travel-related costs. On January 28, RHC paid its band members a total of $2,100 cash for salaries and wages for the first three events. As of January 31, the band members hadn't yet been paid wages for the fourth event completed in January, but they would be paid in February at the same rate as for the first three events. As of January 31, RHC has not yet recorded the $111 of monthly depreciation on the equipment. Also, RHC has not yet paid or recorded the $69 interest owed on the promissory note at January 31. RHC is subject to a 25% tax rate on the company's income before tax. Required: 1. Prepare journal entries to record the transactions and adjustments needed on each of the dates indicated above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry for the investment of $10,200 cash, paid by the leader of the band. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03 Record entry Clear entry View general journal Required information The following information applies to the questions displayed below.) RunHeavy Corporation (RHC) is a corporation that manages a local band. RHC was formed with an investment of $10,200 cash, paid in by the leader of the band on January 3 in exchange for common stock. On January 4, RHC purchased music equipment by paying $1,000 cash and signing an $9,200 promissory note payable in three years. On January 5, RHC booked the band for six concert events at a price of $2,600 each of the six events, four were completed between January 10 and 20. On January 22, cash was collected for three of the four events. The other two booldings were for February concerts, but on January 24, RHC collected half of the $2.600 fee for one of them. On January 27, RHC paid $2,140 cash for the band's travel related costs. On January 28, RHC pald its band members a total of $2,100 cash for salaries and wages for the first three events. As of January 31, the band members hadn't yet been paid wages for the fourth event completed in January, but they would be paid in February at the same rate as for the first three events. As of January 31, RHC has not yet recorded the $1 of monthly depreciation on the equipment. Also, RHC has not yet paldor recorded the $69 interest owed on the promissory note at January 31 RHC is subject to a 25% tax rate on the company's Income before tax 2. Post the journal entries from requirement to T-accounts, calculate ending balances, and prepare an adjusted trial balance. Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Post the journal entries from requirement 1 to T-accounts, calculate ending balances. Cash Accounts Receivable Beg Bal Bug. Bal. End. Bal End. Bal. Equipment Accumulated Depreciation Beg Bal Bug. Bal. End. Bal End. Bal. Deferred Revenue Salaries and Wages Payable Beg Bal Beg. Ba. End. Bal End. Bal. 1 Interest Payable Income Tax Payable Beg Bal Beg Ba. End Bal End. Bal Netes Payable long-term Common Stock Beg Bal Bug. Bal. End. Bal End. Bai. Ratained Earnings Service Revenue Beg Bal Beg. Bal End. Bal Enda. Travel Expense Salaries and Wages Expense Beg Bal Beg. Bu End Bal End. B. Interest Expense Depreciation Expense Beg Bal Big Bal. End. Bal End. Bu Income Tax Expanse Bega End Bal . Reg 2 Raq 28 > Required information The following information applies to the questions displayed below.) RunHeavy Corporation (RHC) is a corporation that manages a local band. AHC was formed with an investment of $10,200 cash, paid in by the leader of the band on January 3 in exchange for common stock. On January 4, RHC purchased music equipment by paying $1.000 cash and signing an $9,200 promissory note payable in three years. On January 5, RHC booked the band for six concert between January 10 20. On January 22, cash was collected for three of the four events. The other two 25 RHC paid February concerts, but on January were for RHC collected 24 of the $2.600 fee for for one of them. On January a total of $2.100 salaries and wages for the first three events. As of January 31, the band members hadn't yet been paid wages for the fourth event completed in January, but they would be paid in February at the same rate as for the first three events. As of January 31, RHC has not yet recorded the $11 of monthly depreciation on the equipment. Also, RHC has not yet paldor recorded the $69 Interest owed on the promissory note at January 31 RHC is subject to a 25% tax rate on the company's Income before tax. Iron 2. Post the journal entries from requirement to T-accounts, calculate ending balances, and prepare an adjusted trial balance. Complete this question by entering your answers in the tabs below. Req2A Reg 28 Prepare an adjusted trial balance RUNHEAVY CORPORATION Adjusted Trial Balance Dabit Credit Cash Accounts Receivable Equipment Accumulated Depreciation Deferred Revenue Salaries and Wages Payable Interest Payable Income Tax Payable Notes Payable long-term Common Retained Earrings Service Revenue Travel Expense Salaries and Wages Expanse Interest Expense Depreciation Expense Income Tax Experie Total
