11 Required information C4-1 From Recording Transactions to Preparing Accrual and Deferral Adjustments and Reporting Results on the Balance Sheet and Income Statement (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-2. LO 4-3. LO 4. Part 1 of 3 369 [The following information applies to the questions displayed below) Run Heavy Corporation (RHC) is a corporation that manages a local band RHC was formed with an investment of $10.000 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 $2.400 cash and signing an $7600 promissory note payable in three years. On January 5, RHC booked the band for six concert events at a price of $2.900 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 $2.900 fee for one of them. On January 27, RHC paid $3,540 cash for the band's travel-related costs. On January 28RH paid its band members a total of 52 520 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 $188 of monthly depreciation on the equipment. Also, RHC has not yet paid or recorded the $57 interest owed on the promissory note at January 31, RHC is subject to a 20% tax rate on the company's income before tax Print References C4-1 Part 1 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 workshe Record the entry for the investment band. NoteEnter debits before credits General Jour 2 Clear entry 1 11 Required information C4-1 From Recording Transactions to Preparing Accrual and Deferral Adjustments and Reporting Results on the Balance Sheet and Income Statement (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-2. LO 4-3. LO 4. Part 1 of 3 369 [The following information applies to the questions displayed below) Run Heavy Corporation (RHC) is a corporation that manages a local band RHC was formed with an investment of $10.000 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 $2.400 cash and signing an $7600 promissory note payable in three years. On January 5, RHC booked the band for six concert events at a price of $2.900 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 $2.900 fee for one of them. On January 27, RHC paid $3,540 cash for the band's travel-related costs. On January 28RH paid its band members a total of 52 520 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 $188 of monthly depreciation on the equipment. Also, RHC has not yet paid or recorded the $57 interest owed on the promissory note at January 31, RHC is subject to a 20% tax rate on the company's income before tax Print References C4-1 Part 1 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 workshe Record the entry for the investment band. NoteEnter debits before credits General Jour 2 Clear entry 1