2 Itranscript Part 2 of 3 Skip to question 10 points eBook Print Required information C4-1 (Algo) 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 4-4] [The following information applies to the questions displayed below.] RunHeavy Corporation (RHC) is a corporation that manages a local band. It had the following activities during its first month. a. 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. b. On January 4, RHC purchased music equipment by paying $1,800 cash and signing an $8,400 promissory note payable in three years. c. On January 5, RHC booked the band for six concert events, at a price of $2,500 each, but no cash was collected yet. d. Of the six events, four were completed between January 10 and 20. e. On January 22, cash was collected for three of the four events. f. The other two bookings were for February concerts, but on January 24, RHC collected half of the $2,500 fee for one of them. g. On January 27, RHC paid $2,940 cash for the band's travel-related costs. h. On January 28, RHC paid its band members a total of $2,340 cash for salaries and wages for the first three events. i. 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. j. As of January 31, RHC has not yet recorded the $177 of monthly depreciation on the equipment. k. Also, RHC has not yet paid or recorded the $63 interest owed on the promissory note at January 31. 1. RHC is subject to a 20% tax rate on the company's income before tax. C4-1 (Algo) Part 2 Required: 2. Post the entries from requirement 1 to T-accounts and prepare an adjusted trial balance. 2 Required information www Part 2 of 3 Complete this question by entering your answers in the tabs below. 10 points Req 2A Req 2B eBook Post the entries from requirement 1 to T-accounts. Debit Beginning Balance Print Ending Balance Cash 0 Accounts Receivable Credit Debit Credit Beginning Balance Ending Balance Equipment Debit Credit Debit Beginning Balance Beginning Balance Ending Balance 0 Ending Balance 0 Accumulated Depreciation Credit 0 Deferred Revenue Salaries and Wages Payable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance 0 Ending Balance 2 ! Required information Interest Payable Income Tax Payable Part 2 of 3 Debit Credit Debit Credit Beginning Balance Beginning Balance 10 points Ending Balance 0 Ending Balance Notes Payable (long-term) Common Stock eBook Debit Credit Debit Credit Beginning Balance Beginning Balance Print Ending Balance 0 Ending Balance Retained Earnings Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Travel Expense Salaries and Wages Expense Debit Credit Debit Credit Beginning Balance Ending Balance 0 Ending Balance 0 2 Part 2 of 3 Beginning Kalance Required information Ending Balance 1 Beginnin KAIAnce Ending Balance 0 Travel Expense Salaries and Wages Expense Debit Credit Debit Credit 10 Beginning Balance Beginning Balance points eBook Ending Balance Ending Balance Interest Expense Print Debit Credit Debit Beginning Balance Beginning Balance Ending Balance 0 Income Tax Expense Debit Credit Beginning Balance Ending Balance 0 0 Depreciation Expense Ending Balance 0 < Req 2A Req 2B > Credit 2 . Required information Part 2 of 3 Complete this question by entering your answers in the tabs below. 10 points Req 2A Req 2B eBook Prepare an adjusted trial balance. RUNHEAVY CORPORATION Adjusted Trial Balance Print Cash Accounts Receivable Equipment Accumulated Depreciation Deferred Revenue Salaries and Wages Payable Interest Payable Income Tax Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Travel Expense Salaries and Wages Expense Interest Expense Depreciation Expense Income Tax Expense Totals Debit Credit < Req 2A 0 Req 2B >