8 On January 1, Pulse Recording Studio (PRS) had the following account balances. soints Slopped Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Deferred Revenue Equipment Notes Payable (long-term) Prepaid Rent Retained Earnings Supplies $ 8,400 6, 700 6,600 3,800 1,680 10, 700 4,000 30,000 12,600 3,510 3,920 530 eBook Print References The following transactions occurred during January a. Received $2,490 cash on 1/1 from customers on account for recording services completed in December b. Wrote checks on 12 totaling $4,330 for amounts owed on account at the end of December c. Purchased and received supplies on account on 1/3, at a total cost of $200. d. Completed $4,000 of recording sessions on 1/4 that customers had paid for in advance in December e. Received $4,800 cash on 15 from customers for recording sessions started and completed in January Wrote a check on 1/6 for $4,080 for an amount owed on account. 9. Converted $1,030 of cash equivalents into cash on 17. n. On 1/15, completed EFTs for $1,430 for employees' salaries and wages for the first half of January 1. Received $2,940 cash on 131 from customers for recording sessions to start in February Required: 1. Prepare journal entries for the January transactions, Review the "General Ledger and the unadjusted Trial Balance Tabs to see the effect of the transactions on the account balances. 2. Prepare journal entries for items ()-(n) from the bank reconciliation 1. The bank deducted $490 for an NSF check from a customer deposited on January 5. k. The check written January 6 has not cleared the bank, but the January 2 payment has cleared. 1. The cash received and deposited on January 31 was not processed by the bank until February 1 m. The bank added $5 cash to the account for interest eared in January n. The bank deducted $5 for service charges 3. Prepare adjusting journal entries on 131 in "General Journal Tab (these are shown as items 15-21) o. Depreciation for the month is $190. p. Salaries and wages totaling $1.600 have not yet been recorded for January 16-31. 4. Prepaid Rent will be fully used up by March 31 1. Supplies on hand at January 31 were $300. s. Received $200 invoice for January electricity charged on account to be paid in February but is not yet recorded. t. Interest on the promissory note of $36 for January has not yet been recorded or paid. u. Income tax of $1,300 on January income has not yet been recorded or paid. 4. Review the adjusted Trial Balance' as of January 31 5. Prepare an income statement for the period ended January 31 in the 'Income Statement Tab. 6. Prepare a bank reconciliation in the "Bank Reconciliation Tab. 7. Prepare a classified balance sheet as of January 31 in the Balance Sheet Tab. 8. Using the information from the requirements above, complete the Analysis tab. General General Income Requirement Bank Trial Balance Journal Ledger Statement Balance Sheet Reconciation Analysis Prepare the journal entries to record transactions (a) through (n). Then prepare the necessary adjusting entries (0) through (u) to correctly report net income for the period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No 1 Date Jan 01 Dobit Credit General Journal No Transaction Recorded VO unadjusted General Ledger Account Cash No. Date Jan 01 Debit Credit Cash Equivalents Debit Balance 3,800 No. Date Jan 01 Credit Balance 1,680 Accounts Receivable Debit Credit No. Date Jan 01 Supplies Debit No. Balance 6,700 Date Jan 01 Credit Balance 530 No. Equipment Debit No. Credit Date Jan 01 Prepaid Rent Date Debit Credit Balance Jan 01 3,510 Accumulated Depreciation-Equipment Date Credit Balance Jan 01 6,600 Balance 30,000 No. Debit No Accounts Payable Debit Credit Date Jan 01 Balance 8.400 Deferred Revenue Debit No. Date Jan 01 Credit Notes Payable (long-term) Debit Credit Balance 4,000 No. Date Jan 01 Balanca 12.000 No. Date Jan 01 Common Stock Debit Credit Balance 10,700 Retained Earinge Debit Credit No. Date Jan 01 Balance 3,920 General Journal Trial Balance Notice the dropdown below that gives the options to select the unadjusted, or adjusted trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted Pulse Recording Studio Trial Balance January 31, 2019 Account Title Debit Credit Cash $ 3,800 Cash Equivalents 1,680 Accounts Receivable 6,700 Supplies 530 Prepaid Rent 3,510 Equipment 30,000 Accumulated Depreciation-Equipment 5,600 Accounts Payable 8.400 Deferred Revenue 4,000 Notes Payable (long-term) 12,600 Common Stock 10,700 Retained Earnings 3.920 Total 46.220 S 46.220 + Unadjusted Pulse Recording Studio Income Statement For the Month Ended January 31 $ 0 0 0 0 0 0 0 0 0 0 0 $ 0 VO unadjusted General Ledger Account Cash No. Date Jan 01 Debit Credit Cash Equivalents Debit Balance 3,800 No. Date Jan 01 Credit Balance 1,680 Accounts Receivable Debit Credit No. Date Jan 01 Supplies Debit No. Balance 6,700 Date Jan 01 Credit Balance 530 No. Equipment Debit No. Credit Date Jan 01 Prepaid Rent Date Debit Credit Balance Jan 01 3,510 Accumulated Depreciation-Equipment Date Credit Balance Jan 01 6,600 Balance 30,000 No. Debit No Accounts Payable Debit Credit Date Jan 01 Balance 8.400 Deferred Revenue Debit No. Date Jan 01 Credit Notes Payable (long-term) Debit Credit Balance 4,000 No. Date Jan 01 Balanca 12.000 No. Date Jan 01 Common Stock Debit Credit Balance 10,700 Retained Earinge Debit Credit No. Date Jan 01 Balance 3,920 General Journal Trial Balance Notice the dropdown below that gives the options to select the unadjusted, or adjusted trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted Pulse Recording Studio Trial Balance January 31, 2019 Account Title Debit Credit Cash $ 3,800 Cash Equivalents 1,680 Accounts Receivable 6,700 Supplies 530 Prepaid Rent 3,510 Equipment 30,000 Accumulated Depreciation-Equipment 5,600 Accounts Payable 8.400 Deferred Revenue 4,000 Notes Payable (long-term) 12,600 Common Stock 10,700 Retained Earnings 3.920 Total 46.220 S 46.220 + Unadjusted Pulse Recording Studio Income Statement For the Month Ended January 31 $ 0 0 0 0 0 0 0 0 0 0 0 $ 0