Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I only need the balance sheet done. On January 1, Pulse Recording Studlo (PRS) had the following account balances. The following transactions occurred during January.

I only need the balance sheet done. image text in transcribed
image text in transcribed
On January 1, Pulse Recording Studlo (PRS) had the following account balances. The following transactions occurred during January. a. Recelved $2,480 cash on 1/1 from customers on account for recording services completed in December b. Wrote checks on 1/2 totaling $4,200 for amounts owed on account at the end of December. c. Purchased and recelved supplies on account on 1/3, at a total cost of $200 d. Completed $3,900 of recording sessions on 1/4 that customers had pald for in advance in December. e. Recelved $4,900 cash on 1/5 from customers for recording sessions started and completed in January. f Wrote a check on 1/6 for $4,080 for an amount owed on account. g. Converted $1,050 of cash equivalents into cash on 1/7 h. On 1/15, completed EFTs for $1,430 for employees' salaries and wages for the first half of January. i. Recelved $2.850 cash on 1/31 from customers for recording sessions to start in February. Required: 1. Prepare Journal entrles for the January transactions Review the 'General Ledger' and the unadjusted 'Trlal Balance' Tabs to see the effect of the transactions on the account balances. 2. Prepare joumal entries for items (0)(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 recelved and deposited on January 31 was not processed by the bank until February 1. m. The bank added $4 cash to the account for interest earned in January n. The bank deducted $4 for service charges 3. Prepare adjusting journal entries on 1/31 in 'General Journal' Tab. (these are shown as items 15 to 21) a. Depreciation for the month is $140. p. Salarles and wages totaling $2100 have not yet been recorded for January 16 to 31 q. Prepaid Rent will be fully used up by March 31 t. Supplies on hand at January 31 were $600 5. Recelved $500 invoice for January electricity charged on account to be paid in February but is not yet recorded t. Interest on the promissory note of $56 for January has not yet been recorded or poid. u. Income tax of $1,200 on January income has not yet been recorded or pald 4. Review the odjusted '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 reconcillation in the 'Bank Reconcliation' Tab 7. Prepare a classified balance sheet as of January 31 in the 'Bolance sheet' Tab Pulse Recording Studio Balance Sheet At January 31 \begin{tabular}{|c|c|c|} \hline & s & 0 \\ \hline & & 0 \\ \hline & & 0 \\ \hline & & 0 \\ \hline & & 0 \\ \hline & & 0 \\ \hline & & 0 \\ \hline & & 0 \\ \hline Equipment, net & & 0 \\ \hline & s & 0 \\ \hline \end{tabular} Liabilities and Stockholders' Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions