C5-1 (Algo) Recording Transactions and Adjustments, Reconciling Items, and Preparing Financial Statements LO 2-2, 2-4, 2-5, 3-3, 3-5, 4-2, 4-3, 4-4, 5-4, 5-5 (General Ledger)

Please help!! How do I do the last two parts, the balance sheet, and the analysis.

C5-1 (Algo) Recording Transactions and Adjustments, Reconciling Items, and Preparing Financial Statements LO 2-2, 2-4, 2-5, 3-3, 3-5, 4-2, 4-3, 4-4, 5-4, 5-5 (General Ledger) On January 1, Pulse Recording Studio (PRS) had the following account balances. The following transactions occurred during January. a. Received $2,440 cash on 1/1 from customers on account for recording services completed in December. 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 effect of the transactions on the account balances. 2. Prepare journal entries for items (j)-( n ) from the bank reconciliation. 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 to 21). o. Depreciation for the month is $240. p. Salaries and wages totaling $1,100 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 $200. 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 $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. 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. General Journal tab - Prepare the journal entries to record the transactions that occurred from January 1-31. Review the accounts as shown in the General Ledger and Trial Balance tabs. Then prepare the necessary adjusting entries at January 31 to correctly report net income for the period. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted and adjusted balances in the General Ledger. Trial Balance tab - You may view either the unadjusted and adjusted trial balance by choosing from the drop-down. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. The unadjusted and adjusted balances will appear for each account based on your selection. Statement of Retained Earnings tab - Prepare the bank reconcilation for the year ended January 31. Balance Sheet tab - Use the drop-down to select the accounts to properly included on the balance sheet. The unadjusted and adjusted balances will appear for each account, based on your selection. Analysis tab - Using the information from the requirements above, complete the 'Analysis' tab. View transaction list View journal entry worksheet \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline & 1 & January 01 & Cash & 2,440 & \\ \hline & & & Accounts Receivable & & 2,440 \\ \hline & 2 & January 02 & Accounts Payable & 4,370 & \\ \hline & & & Cash & & 4,370 \\ \hline & 3 & January 03 & Supplies & 200 & \\ \hline & & & Accounts Payable & & 200 \\ \hline \multirow[t]{2}{*}{%} & 4 & January 04 & Deferred Revenue & 3,900 & \\ \hline & & & Service Revenue & & 3,900 \\ \hline & 5 & January 05 & Cash & 4,690 & \\ \hline & & & Service Revenue & & 4,690 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline & 6 & January 06 & Accounts Payable & 4,080 & \\ \hline & & & Cash & & 4,080 \\ \hline & 7 & January 07 & Cash & 1,020 & \\ \hline & & & Cash Equivalents & & 1,020 \\ \hline \multirow[t]{2}{*}{} & 8 & January 15 & Salaries and Wages Expense & 1,380 & \\ \hline & & & Cash & & 1,380 \\ \hline & 9 & January 31 & Cash & 2,970 & \\ \hline & & & Deferred Revenue & & 2,970 \\ \hline \multirow[t]{2}{*}{} & 10 & January 31 & Accounts Receivable & 470 & \\ \hline & & & Cash & & 470 \\ \hline & 11 & January 31 & No Journal Entry Required & & \\ \hline & 12 & January 31 & No Journal Entry Required & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline & 13 & January 31 & Cash & 4 & \\ \hline & & & Interest Revenue & & 4 \\ \hline \multirow[t]{2}{*}{} & 14 & January 31 & Bank Charges Expense & 4 & \\ \hline & & & Cash & & 4 \\ \hline \multirow[t]{2}{*}{} & 15 & January 31 & Depreciation Expense & 240 & \\ \hline & & & Accumulated Depreciation-Equipment & & 240 \\ \hline \multirow[t]{2}{*}{} & 16 & January 31 & Salaries and Wages Expense & 1,100 & \\ \hline & & & Salaries and Wages Payable & & 1,100 \\ \hline & 17 & January 31 & Rent Expense & 2,610 & \\ \hline & & & Prepaid Rent & & 2,610 \\ \hline \multirow[t]{2}{*}{} & 18 & January 31 & Supplies Expense & 480 & \\ \hline & & & Supplies & & 480 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow[t]{2}{*}{} & 19 & January 31 & Utilities Expense & 200 & \\ \hline & & & Accounts Payable & & 200 \\ \hline & 20 & January 31 & Interest Expense & 32 & \\ \hline & & & Interest Payable & & 32 \\ \hline & 21 & January 31 & Income Tax Expense & 2,300 & \\ \hline & & & Income Tax Payable & & 2,300 \\ \hline \end{tabular} Requirement General Ledger ger Account \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Receivable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 6,600 \\ \hline 1 & January 01 & & 2,440 & 4,160 \\ \hline A 10 & January 31 & 470 & & 4,630 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Supplies } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 480 \\ \hline A 3 & January 03 & 200 & & 680 \\ \hline | 18 & January 31 & & 480 & 200 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Prepaid Rent } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 2,610 \\ \hline A 17 & January 31 & & 2,610 & 0 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 30,900 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|r|r|} \hline \multicolumn{5}{|c|}{ Accumulated Depreciation-Equipment } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{c|}{ Balance } \\ \hline & January 01 & & & 6,600 \\ \hline & January 31 & & 240 & 6,840 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 8,400 \\ \hline A 2 & January 02 & 4,370 & & 4,030 \\ \hline A 3 & January 03 & & 200 & 4,230 \\ \hline A 6 & January 06 & 4,080 & & 150 \\ \hline A 19 & January 31 & & 200 & 350 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{7}{|c|}{ Interest Payable } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline & January 01 & & & 0 \\ \hline 20 & January 31 & & 32 & 32 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|r|r|} \hline \multicolumn{5}{|c|}{ Salaries and Wages Payable } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{c|}{ Balance } \\ \hline & January 01 & & & 0 \\ \hline & January 31 & & 1,100 & 1,100 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|r|r|} \hline \multicolumn{5}{|c|}{ Income Tax Payable } \\ \hline No. & Date & Debit & \multicolumn{1}{|c|}{ Credit } & \multicolumn{1}{c|}{ Balance } \\ \hline & January 01 & & & 0 \\ \hline 21 & January 31 & & 2,300 & 2,300 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Deferred Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 3,900 \\ \hline A & January 04 & 3,900 & & 0 \\ \hline A 9 & January 31 & & 2,970 & 2,970 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Notes Payable (long-term) } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 12,300 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common Stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 10,400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained Earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 4,250 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Service Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained Earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 4,250 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Service Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline A 4 & January 04 & & 3,900 & 3,900 \\ \hline A 5 & January 05 & & 4,690 & 8,590 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Interest Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline A 13 & January 31 & & 4 & 4 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Depreciation Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline 15 & January 31 & 240 & & 240 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Interest Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline 20 & January 31 & 32 & & 32 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Rent Expense } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{c|}{ Balance } \\ \hline & January 01 & & & 0 \\ \hline 17 & January 31 & 2,610 & & 2,610 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Salaries and Wages Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01 & & & 0 \\ \hline N & January 15 & 1,380 & & 1,380 \\ \hline A 16 & January 31 & 1,100 & & 2,480 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{7}{|c|}{ Supplies Expense } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline & & & & 0 \\ \hline 18 & January 31 & 480 & & 480 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Utilities Expense } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline & & & & 0 \\ \hline & & & 200 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Income Tax Expense } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{c|}{ Balance } \\ \hline & & & & 0 \\ \hline & & & 2,300 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{7}{|c|}{ Bank Charges Expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & 0 \\ \hline 14 & January 31 & 4 & & 4 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline AIncomeTaxPayable & & 2,300 \\ \hline ADeferredRevenue & & 2,970 \\ \hline ANotesPayable(long-term) & & 12,300 \\ \hline ACommonStock & & 10,400 \\ \hline ARetainedEarnings & & 4,250 \\ \hline Service Revenue & & 8,590 \\ \hline AInterestRevenue & & 4 \\ \hline Depreciation Expense & 240 & \\ \hline AInterestExpense & 32 & \\ \hline ARentExpense & 2,610 & \\ \hline * Salaries and Wages Expense & 2,480 & \\ \hline Supplies Expense & 480 & \\ \hline Utilities Expense & 200 & \\ \hline Ancome Tax Expense & 2,300 & \\ \hline ABankChargesExpense & 4 & \\ \hline Total & 49,136 & 49,136 \\ \hline \end{tabular} Adjusted \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ Pulse Recording Studio } \\ \hline \multicolumn{7}{|c|}{ Bank Reconciliation } \\ \hline \multicolumn{7}{|c|}{ At January 31} \\ \hline \multicolumn{3}{|c|}{ Bank Statement } & \multicolumn{4}{|c|}{ Company's Books } \\ \hline Ending balance per bank statement & & 5,570 & Ending balance per Cash account & & $ & 4,930 \\ \hline Additions: & & & Additions: & & & \\ \hline Deposit in Transit & 2,970 & & Interest Earned & 4 & & \\ \hline \\ \hlineF & & 2,970 & & & & 4 \\ \hline & & 8,540 & & & & 4,934 \\ \hline Deductions: & & & Deductions: & & & \\ \hline \multirow{3}{*}{ Outstanding Checks } & -4000 & & NSF Check & (470) & & \\ \hline & & & Bank Service Charges & (4) & & \\ \hline & & (4,000) & & & & (474) \\ \hline Up-to-date cash balance & & 4,540 & Up-to-date cash balance & & $ & 4,460 \\ \hline \end{tabular} 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. \begin{tabular}{|c|c|c|} \hline \multirow[t]{2}{*}{ Equipment, net } & & 0 \\ \hline & $ & 0 \\ \hline \multicolumn{3}{|c|}{ Liabilities and Stockholders' Equity } \\ \hline \\ \hline & $ & 0 \\ \hline & & 0 \\ \hline & & 0 \\ \hline & & 0 \\ \hline & & 0 \\ \hline & & 0 \\ \hline & & 0 \\ \hline & & 0 \\ \hline \\ \hline & & 0 \\ \hline & & 248 \\ \hline & & 248 \\ \hline & $ & 248 \\ \hline \end{tabular} Using the information from the requirements above, complete the 'Analysis' tab