company report on the balance or COMPREHENSIVE PROBLEM connect CS-1 Recording Transactions and Adjustments, Reconciling Items, and Preparing Financial Statements On January 1. Pulse Recording Studio (PRS) had the following account balances. Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Cash Cash Equivalents Common Stock $ 8.500 7.000 6,000 3.800 1.500 10,000 Deferred Revenue Equipment Notes Payable (long-term) Prepaid Rent Retained Earnings Supplies $ 4.000 30,000 12.000 3.000 5.300 500 The following transactions occurred during January. 4. Received $2,500 cash on 1/1 from customers on account for recording services completed in December. b. Wrote checks on 1/2 totaling $4,000 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 $4,000 of recording sessions on 1/4 that customers had paid for in advance in December e. Received $5,000 cash on 1/5 from customers for recording sessions started and completed in January. f. Wrote a check on 1/6 for $4,000 for an amount owed on account. 8. Converted $1.000 of cash equivalents into cash on 167. h. On 1/15, completed EFTs for $1,500 for employees' salaries and wages for the first half of January Received $3,000 cash on 1/31 from customers for recording sessions to start in February. Required: 1. Prepare journal entries for the January transactions. Enter the January 1 balances into T-accounts, post the journal entries from requirement 1. and calculate January 31 balances. (If you are completing this requirement in Connect, this requirement will be completed for you.)