a. Received $2,440 cash on 1/1 from customers on account for recording services completed in December. b. Wrote checks on 1/2 totaling $4,370 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 $3,900 of recording sessions on 1/4 that customers had paid for in advance in December. e. Received $4,690 cash on 1/5 from customers for recording sessions started and completed in January. f Wrote a check on 1/6 for $4,080 for an amount owed on account. g. Converted $1,020 of cash equivalents into cash on 1/7. h. On 1/15, completed EFTs for $1,380 for employees' salaries and wages for the first half of January i. Received $2,970 cash on 1/31 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 2. Prepare journal entries for items (j)-(n) from the bank reconciliation effect of the transactions on the account balances j. The bank deducted $470 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 I. The cash received and deposited on January 31 was not processed by the bank until February 1 m. The bank added $4 cash to the account for interest earned in January n. The bank deducted $4 for service charges 3. Prepare adjusting journal entries on 1/31 in 'General Journal Tab. (these are shown as items 15-21) o. Depreciation for the month is $240 p. Salaries and wages totaling $1,100 have not yet been recorded for January 16-31 q. Prepaid Rent will be fully used up by March 31 r. Supplies on hand at January 31 were $200 s. Recelved $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 $32 for January has not yet been recorded or paid u. Income tax of $2,300 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 Journal General Ledger Bank econcilation Balance Sheet Income Requirement Trial Balance statement Use the January 31 balance in Cash from General Ledger tab and the information U)-(n) to prepare a bank reconciliation. PRS's bank reportec January 31 balance of $5,570 Adiusted Pulse Recording Studio Bank Reconciliation At January 31 Bank Statement Company's Books Ending balance per bank statement $5,570 Ending balance per Cash account $4,930 Additions: Additions: 5,570 4,930 Deductions: Deductions: Up-to-date cash balance $ 5,570 Up-to-date cash balance $4,930
