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Fill out the balance sheet with the transactions and balances above: On January 1, Pulse Recording Studio (PRS) had the following account balances Accounts Payable
Fill out the balance sheet with the transactions and balances above:
On January 1, Pulse Recording Studio (PRS) had the following account balances Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Equipment Notes Payable (long-term) Prepaid Rent Retained Earnings Supplies Unearned Revenue $ 8,500 7,000 6,000 3,800 1,500 10,000 30,000 12,000 3,000 5,300 500 4,000 The following transactions occurred during January. 1. Received $2,500 cash on 1/1 from customers on account for recording services completed in December 2. Wrote checks on 1/2 totaling $4,000 for amounts owed on account at the end of December. 3. Purchased 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 in 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 FebruaryStep by Step Solution
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