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On January 1, Pulse Recording Studio (PRS) had the following account balances. Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Deferred Revenue Equipment Notes Payable (long-term) Prepaid Rent Retained Earnings Supplies $ 8,700 6,800 6,300 3,650 1,600 10,500 3,800 30,300 13,100 3,150 3,620 520 es The following transactions occurred during January. 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 $4,380 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 $3,800 of recording sessions on 1/4 that customers had paid for in advance in December. e. Received $4,800 cash on 1/5 from customers for recording sessions started and completed in January f. Wrote a check on 1/6 for $4,160 for an amount owed on account. g. Converted $1,040 of cash equivalents into cash on 1/7. Notes Payable (long-term) Prepaid Rent Retained Earnings Supplies 13,100 3,150 3,620 520 The following transactions occurred during January. ed ok 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 $4,380 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 $3,800 of recording sessions on 1/4 that customers had paid for in advance in December. e. Received $4,800 cash on 1/5 from customers for recording sessions started and completed in January f. Wrote a check on 1/6 for $4,160 for an amount owed on account. g. Converted $1,040 of cash equivalents into cash on 1/7. h. On 1/15, completed EFTs for $1,480 for employees' salaries and wages for the first half of January 1. Received $2,850 cash on 1/31 from customers for recording sessions to start in February. ht ences Required: 1. Prepare journal entries for the January transactions. Review the 'General Ledger' and the unadjusted 'Trial Bal effect of the transactions on the account balances. 2. Prepare journal entries for items (j)-(n) from the bank reconciliation. j. The bank deducted $500 for an NSF check from a customer deposited on January 5. The check written lanuary 6 has not cleared the bank but the lanuary ? navment has cleared Check my work Requirea: 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 $500 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. 1. The cash received and deposited on January 31 was not processed by the bank until February 1. m. The bank added $3 cash to the account for interest earned in January. n. The bank deducted $3 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 $160. p. Salaries and wages totaling $1,500 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 $500. 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 $55 for January has not yet been recorded or paid. u. Income tax of $1,000 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. es Requirement General Journal General Ledger Trial Balance Income Statement Bank Reconcilation Balance Sheet Analysis 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. Lo search O LA EPIC GAMES 75F