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.] RunHeary 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 $10,100 cash, paid in by the leader of the band on January 3 in exchange for common stock. b. On January 4 , RHC purchosed music equipment by paying $1,700 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 $2,600 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 $2,600 fee for one of them. g. On January 27 , RHC poid $2,840 cash for the band's travel-related costs. h. On January 28, RHC paid its band members a total of $2,310 cosh 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. 1. As of January 31 , RHC has not yet recorded the $167 of monthly depteciation on the equipment. k. Also, RHC has not yet paid of recorded the $63 interest owed on the promissory note at January 31 . 1. RHC is subject to a 2016 tax rote on the company's income before tax. C4-1 (Algo) Part 1 Required: 1. Prepare journal entries to record the transactions and appropriate adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) in three years. c. On January 5, RHC booked the band for six concert events, at a price of $2,600 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 $2,600 fee for one of them. g. On January 27, RHC paid $2,840 cash for the band's travel-related costs. h. On January 28, RHC paid its band members a total of $2,310 cash for salaries and wages for the first three events. 1. 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 $167 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 1 Required: 1. Prepare journal entries to record the transactions and appropriate adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Cash } \\ \hline Deblit & & \multicolumn{2}{|c|}{ Credit } \\ \hline Beginning Balance & & & \\ \hline (a) & 10,100 & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Bolanco & 10,100 & & \\ \hline \end{tabular} (1) Required information unting Cycle Project (i) '(1) Required information \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Deblt } \\ \hline Boginning Betance & & & \\ \hline & & & \end{tabular} \begin{tabular}{|l|l|l|l|} \hline & & & \\ \hline \multicolumn{2}{|c|}{ Doblt } & Travel Expense \\ \hline & & & \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balanco & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Solaries and Wages Expense } \\ \hline \multicolumn{2}{|c|}{ Debli } & \multicolumn{2}{|c|}{ Credit } \\ \hline Beginning Balances & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline \end{tabular} Begining Be 3-a. Prepare an income statement for January 31: 3-b. Prepare a classified balance sheet for January 31 . Complete this question by entering your answers in the tabs below. Prepare an income statement for January 31. Prepare a classified balance sheet for January 31. (Amounts to be deducted should be indicated by a minus sign.) 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.] RunHeary 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 $10,100 cash, paid in by the leader of the band on January 3 in exchange for common stock. b. On January 4 , RHC purchosed music equipment by paying $1,700 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 $2,600 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 $2,600 fee for one of them. g. On January 27 , RHC poid $2,840 cash for the band's travel-related costs. h. On January 28, RHC paid its band members a total of $2,310 cosh 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. 1. As of January 31 , RHC has not yet recorded the $167 of monthly depteciation on the equipment. k. Also, RHC has not yet paid of recorded the $63 interest owed on the promissory note at January 31 . 1. RHC is subject to a 2016 tax rote on the company's income before tax. C4-1 (Algo) Part 1 Required: 1. Prepare journal entries to record the transactions and appropriate adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) in three years. c. On January 5, RHC booked the band for six concert events, at a price of $2,600 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 $2,600 fee for one of them. g. On January 27, RHC paid $2,840 cash for the band's travel-related costs. h. On January 28, RHC paid its band members a total of $2,310 cash for salaries and wages for the first three events. 1. 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 $167 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 1 Required: 1. Prepare journal entries to record the transactions and appropriate adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Cash } \\ \hline Deblit & & \multicolumn{2}{|c|}{ Credit } \\ \hline Beginning Balance & & & \\ \hline (a) & 10,100 & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Bolanco & 10,100 & & \\ \hline \end{tabular} (1) Required information unting Cycle Project (i) '(1) Required information \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Deblt } \\ \hline Boginning Betance & & & \\ \hline & & & \end{tabular} \begin{tabular}{|l|l|l|l|} \hline & & & \\ \hline \multicolumn{2}{|c|}{ Doblt } & Travel Expense \\ \hline & & & \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balanco & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Solaries and Wages Expense } \\ \hline \multicolumn{2}{|c|}{ Debli } & \multicolumn{2}{|c|}{ Credit } \\ \hline Beginning Balances & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline \end{tabular} Begining Be 3-a. Prepare an income statement for January 31: 3-b. Prepare a classified balance sheet for January 31 . Complete this question by entering your answers in the tabs below. Prepare an income statement for January 31. Prepare a classified balance sheet for January 31. (Amounts to be deducted should be indicated by a minus sign.)