C5-1 (Algo) Recording Transactions and Adjustments, Reconciling ttems, 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 Ledgen) On Januiny t, Pulse Rocording Studso (P9S) had the following accourt belanices. The folowing transoctions occurred duaing danuary. a. Recehbed $2.420 cash on th from customes on account for recordhg services completed in December. b. Wrote checks on 12 totoling $4,370 for amounts owed on account at the end of Deceaber. c. Purchased and received supplies on account on 13 , at a total cost of $200. A. Comploted $3.900 of recording sessions on V4 that customers had paid for in advance in Decembec. e. Aecelved $4.750 cash on V5 from customers for recording sessions starned and conpleted in January W Wrote a check on 1/6 for $4,000 for an amount owed on account. g. Convented $1,010 of cash equivalents into cash on 17 . h. On V15, completed EFTs for $1,400 for employees' salaries and wages for the frst half of January 4. Received 52,940cash on 131 from customers for fecording sessions to start in February. Required: 1. Prepare joumal entries for the danuary transactions. Review the 'Generat Ledger and the unadjusted 'Tral Baiance' Tabs to see the effect of the transactions on the accouat balances: 2. Prepare joumal entries for thems (0-(n) from the bank reconcilstion. i. The bank deducted $470 for an NSF check trom a customer deposited on January 5 . k. The check writien 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 54 cash to the account for interest earned in January. n. The bank deducted $4 for service charges. 3. Prepare adjusting joumal entries on 1/31 in 'General Journor Tab. these are shown as thems 15 to 27 . 0. Depreclation for the month is $240. p. Salaries and wages totaling $1,500 have not yet been recanded for January te to 31 . 4. Prepaid Rent will be fully used up by March 31 . r. Supplies on hand at January 31 were $200. 3. Aeceived $200 invoice for Janiary electricity charged on account to be pald in Februsry but is not yet recorded. t interest on the promissory note of $28 for lanuary has not yet been recorded or poid. u. Income tax of $1,700 on danuary income has not yet been recorded or paid. 4. Review the adjusted 'Trial Balance' as of Jonuary 31. 5. Prepore an income statement for the period ended January 31 in the Income Statement' Tab. 6. Prepare a bank reconcilation in the 'Bank Reconcllation' Tab. 7. Prepare a classified belance sheet as of January 31 in the 'Balance Sheer Tab. 8. Using the information from the requirements above, complete the 'Analysis' tab. Prepare the joumal entries to recond transactions (o) through (n). Then prepare the necersary adfuating ertries (o) through (w) to comeayy report net income for the penod. (af no entry is required for a transactiovevent, select "No joumai entry requirnd in the first. eccoum tield.) C5-1 (Algo) Recording Transactions and Adjustments, Reconciling ttems, 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 Ledgen) On Januiny t, Pulse Rocording Studso (P9S) had the following accourt belanices. The folowing transoctions occurred duaing danuary. a. Recehbed $2.420 cash on th from customes on account for recordhg services completed in December. b. Wrote checks on 12 totoling $4,370 for amounts owed on account at the end of Deceaber. c. Purchased and received supplies on account on 13 , at a total cost of $200. A. Comploted $3.900 of recording sessions on V4 that customers had paid for in advance in Decembec. e. Aecelved $4.750 cash on V5 from customers for recording sessions starned and conpleted in January W Wrote a check on 1/6 for $4,000 for an amount owed on account. g. Convented $1,010 of cash equivalents into cash on 17 . h. On V15, completed EFTs for $1,400 for employees' salaries and wages for the frst half of January 4. Received 52,940cash on 131 from customers for fecording sessions to start in February. Required: 1. Prepare joumal entries for the danuary transactions. Review the 'Generat Ledger and the unadjusted 'Tral Baiance' Tabs to see the effect of the transactions on the accouat balances: 2. Prepare joumal entries for thems (0-(n) from the bank reconcilstion. i. The bank deducted $470 for an NSF check trom a customer deposited on January 5 . k. The check writien 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 54 cash to the account for interest earned in January. n. The bank deducted $4 for service charges. 3. Prepare adjusting joumal entries on 1/31 in 'General Journor Tab. these are shown as thems 15 to 27 . 0. Depreclation for the month is $240. p. Salaries and wages totaling $1,500 have not yet been recanded for January te to 31 . 4. Prepaid Rent will be fully used up by March 31 . r. Supplies on hand at January 31 were $200. 3. Aeceived $200 invoice for Janiary electricity charged on account to be pald in Februsry but is not yet recorded. t interest on the promissory note of $28 for lanuary has not yet been recorded or poid. u. Income tax of $1,700 on danuary income has not yet been recorded or paid. 4. Review the adjusted 'Trial Balance' as of Jonuary 31. 5. Prepore an income statement for the period ended January 31 in the Income Statement' Tab. 6. Prepare a bank reconcilation in the 'Bank Reconcllation' Tab. 7. Prepare a classified belance sheet as of January 31 in the 'Balance Sheer Tab. 8. Using the information from the requirements above, complete the 'Analysis' tab. Prepare the joumal entries to recond transactions (o) through (n). Then prepare the necersary adfuating ertries (o) through (w) to comeayy report net income for the penod. (af no entry is required for a transactiovevent, select "No joumai entry requirnd in the first. eccoum tield.)