2 PART QUESTION

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 $11,100 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 $1,500 cash and signing an $9,600 promissory note payable in three years. On January 5, RHC booked the band for six concert events, at a price of $2,700 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 $2,700 fee for one of them. On January 27, RHC paid $2,640 cash for the band's travel-related costs. On January 28, RHC paid its band members a total of $2,250 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 $138 of monthly depreciation on the equipment Also, RHC has not yet paid or recorded the $72 interest owed on the promissory note at January 31. RHC is subject to a 20% tax rate on the company's income before tax 2. Post the journal entries from requirement 1 to T-accounts, calculate ending balances, and prepare an adjusted trial balance Complete this question by entering your answers in the tabs below. Req 2B Req 2A Post the journal entries from requirement 1 to T-accounts, calculate ending balances Cash Accounts Receivable Beg. Bal Beg. Bal. 0 End. Bal. End. Bal. 0 Accumulated Depreciation Equipment Beg. Bal Beg. Bal End. Bal End. Bal 0 0 Salaries and Wages Payable Deferred Revenue Beg. Bal Beg. Bal. End. Bal End. Bal. 0 Interest Pavable Income Tax Payable Interest Payable Income Tax Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal 0 Notes Payable (long-term) Common Stock Beg. Bal. Beg. Bal End. Bal End. Bal 0 Retained Earnings Service Revenue Beg. Bal. Beg. Bal. End. Bal End. Bal. 0 0 Travel Expense Salaries and Wages Expense Beg. Bal Beg. Bal End. Bal End. Bal. 0 Depreciation Expense Interest Expense Beg. Bal Beg. Bal End. Bal. End. Bal Income Tax Expense Beg. Bal ! 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 $11,100 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 $1,500 cash and signing an $9,600 promissory note payable in three years. On January 5, RHC booked the band for six concert events, at a price of $2,700 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 $2,700 fee for one of them. On January 27, RHC paid $2,640 cash for the band's travel-related costs. On January 28, RHC paid its band members a total of $2,250 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 $138 of monthly depreciation on the equipment. Also, RHC has not yet paid or recorded the $72 interest owed on the promissory note at January 31. RHC is subject to a 20% tax rate on the company's income before tax 2. Post the journal entries from requirement 1to T-accounts, calculate ending balances, and prepare an adjusted trial balance. Complete this question by entering your answers in the tabs below. Req 2B Req 2A Prepare an adjusted trial balance. RUNHEAVY CORPORATION Adjusted Trial Balance Debit Credit 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 $ 0