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ASAP!! I need help with this question please! On January 1, Pulse Recording Studio (PRS) had the following account balances. Accounts Payable $ 8,700 Accounts

ASAP!! I need help with this question please!

On January 1, Pulse Recording Studio (PRS) had the following account balances.

Accounts Payable

$ 8,700

Accounts Receivable

6,700

Accumulated DepreciationEquipment

6,400

Cash

3,690

Cash Equivalents

1,600

Common Stock

10,600

Deferred Revenue

3,900

Equipment

30,300

Notes Payable (long-term)

12,800

Prepaid Rent

2,070

Retained Earnings

2,490

Supplies

530

The following transactions occurred during January.

  1. Received $2,490 cash on 1/1 from customers on account for recording services completed in December.
  2. Wrote checks on 1/2 totaling $4,290 for amounts owed on account at the end of December.
  3. Purchased and received supplies on account on 1/3, at a total cost of $200.
  4. Completed $3,900 of recording sessions on 1/4 that customers had paid for in advance in December.
  5. Received $4,800 cash on 1/5 from customers for recording sessions started and completed in January.
  6. Wrote a check on 1/6 for $4,120 for an amount owed on account.
  7. Converted $1,030 of cash equivalents into cash on 1/7.
  8. On 1/15, completed EFTs for $1,450 for employees salaries and wages for the first half of January.
  9. Received $2,820 cash on 1/31 from customers for recording sessions to start in February.

ASAP!! I need help with this question
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File: Edit Screen Shot 2022-06-10 at 1..... 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. j. The bank deducted $510 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. L The cash received and deposited on January 31 was not processed by the bank until February 1. m. The bank added $3 cash to the account for interest earned in January. n. The bank deducted $3 for service charges. 3. Prepare adjusting journal entries on 1/31 in General Journal' Tab. (these are shown as items 15 to 21). o. Depreciation for the month is $150. p. Salaries and wages totaling $1,700 have not yet been recorded for January 16 to 31. q. Prepaid Rent will be fully used up by March 31. r. Supplies on hand at January 31 were $500. 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 $56 for January has not yet been recorded or paid. u. Income tax of $1,000 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.. Requirement General Journal General Ledger Trial Balance Income Statement Bank Reconcilation Balance Sheet Analysis Prepare the journal entries to record transactions (a) through (n). Then prepare the necessary adjusting entries (o) 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.) Screen Shot 2022-06-10 a... General Journal Balance Sheet Trial Balance Requirement Bank Reconcilation Income Statement General Ledger Analysis Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. Unadjusted Pulse Recording Studio Income Statement For the Month Ended January 31 0 0 $ $ 0 0 0 0 0 0 0 0 0 0 Q Search 0 18 202 Q Search Screen Shot 2022-06-10 at 1.35.2... General Requirement Journal General Ledger Trial Balance Income Statement Bank Reconcilation Balance Sheet Analysis Use the January 31 balance in Cash from General Ledger tab and the information (1)-(n) to prepare a bank reconciliation. PRS's bank reported a January 31 balance of $5,760. Adjusted Pulse Recording Studio Bank Reconciliation At January 31 Bank Statement Company's Books Ending balance per bank statement $ $ 4,970 Additions: Deposit in Transit 0 4,970 Outstanding Checks 0 Up-to-date cash balance 4,970 Deductions: 5,760 Ending balance per Cash account Additions: Interest Earned Deductions: 0 5,760 Bank Service Charges NSF Check 0 5,760 Up-to-date cash balance $ Income Statement Balance Sheet $ Equipment, net Liabilities and Stockholders' Equity Q Search V Screen Shot 2022-06-10... Income Bank Balance Sheet Analysis: Requirement General Journal General Ledger Trial Balance Statement Reconcilation Use the dropdowns to select the accounts properly included on the balance sheet. The unadjusted, or adjusted balances will appear for each account, based on your selection. Adjusted Pulse Recording Studio Balance Sheet At January 31 0 $ $ $ 0 0 0 0 0 0 0 0 0 0 0 0 0 Screen Shot 2022-06-1... General General Trial Balance: Income Bank Statement Reconcilation Requirement Journal Ledger Using the information from the requirements above, complete the 'Analysis' tab. Calculate the current ratio at January 31. (Round your answer to 2 decimal places.) Current Ratio: Indicate whether PRS has met its loan covenant that requires a minimum current ratio of 1.2. Calculate the net profit margin at January 31. (Round your answer to 2 decimal places) Net Profit Margin % Indicate whether PRS has achieved its objective of 10 percent.

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