C5-1 Recording Transactions and Adjustments, Reconciling Items, and Preparing Financial State 2-4, 2-5, 3-3, 3-5, 4-2, 4-3, 44, 5-4, 5-5 On January 1, Pulse Recording Studio (PRS) had the following account balances. Accounts Payable Accounts Receivabl S 8,500 7,000 6,000 3,800 1,500 10,000 30,000 12,000 3,000 5,300 500 4,000 tion-Equipment Cash Cash Equivalents Common Stock Equipment Notes Payable (long-term) Prepaid Rent Retained Earnings Supplies Unearned Revenue The following transactions occurred during January 1. Received $2,500 cash on 1/1 from customers on accountf December. 2. Wrote checks on 1/2 totaling $4,000 for amounts owed on account at the end of ased and received supplies on account on 1/3, at a total cost of $200. 4. Completed $4,000 of recording sessions on 1/4 that customers had paid for in advance tn December 5. Received $5,000 cash on 1/5 from customers for recording sessions started and completed in January. 6. Wrote a check on 1/6 for $4,000 for an amount owed on account 7. Converted $1,000 of cash equivalents into cash on 1/7 8. On 1/15, completed EFTs for $1,500 for employees' salaries and wages for the first half of January 9 Received $3,000 cash on 1/31 from customers for recording sessions to start in February