Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Most of the work is done! Please help in filling out the blank! At January 31 Cash Accounts Receivable Equipment Accumulated Depreciation Deferred Revenue Salaries

image text in transcribedimage text in transcribedimage text in transcribed

Most of the work is done! Please help in filling out the blank!

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
At January 31 Cash Accounts Receivable Equipment Accumulated Depreciation Deferred Revenue Salaries and Wages Payable Interest Payable Income Tax Payable Notes Payable (longterm) Common Stock Retained Earnings Service Revenue Travel Expense Salaries and Wages Expense Interest Expense Depreciation Expense Income Tax Expense Totals 9 Answer is not complete. 1 0 0 2 b. Equipment 0 Notes Payable {lung-berm} o 3 Ne Journal Entry Required 9 4 Accounts Receivable 9 Service Revenue 0 5 Cash 0 Accounts Receivable a 6 f. Dash a Deferred Revenue 9 7 9. Travel Expense 9 Dash a B h. Salaries and Wages Expense 0 Cash 0 9 Salaries and Wages Expense 0 Salaries and Wages Payable a 10 j. Depreciation Expense 0 Accumulated Depreciation 0 11 k. Interest Expense 9 Interest Payable o 12 I. Income Tax Expense a 0 Income Tax Payable Cash Accounts Receivable Debit Credit Debit Credit Beginning Balance Beginning Balance (a) (b) V (d) (e) (e) (g) ( 1) (h ) Ending Balance 0 Ending Balance 0 Equipment Accumulated Depreciation Debit Credit Debit Credit Beginning Balance Beginning Balance (b) O O Ending Balance 0 Ending Balance 0 Deferred Revenue Salaries and Wages Payable Debit Credit Debit Credit Beginning Balance Beginning Balance (f) (1) Ending Balance 0 Ending Balance 0 Interest Payable Income Tax Payable Debit Credit Debit Credit Beginning Balance Beginning Balance ( k ) (1) O Ending Balance 0 Ending Balance 0 Notes Payable (long-term) Common Stock Debit Credit Debit Credit Beginning Balanc Beginning Balance (b ) V (a) O Ending Balance 0 Ending Balance 0 Retained Earnings Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance (d) Ending Balance 0 Ending Balance 0 Travel Expense Salaries and Wages Expense Debit Credit Debit Credit Beginning Balance Beginning Balance (g) O (h) O O Ending Balance 0 Ending Balance 0 Interest Expense Depreciation Expense Debit Credit Debit Credit Beginning Balance Beginning Balance (k) Ending Balance 0 Ending Balance 0 Income Tax Expense Debit Credit Beginning Balance (1) Ending Balance 0Required information [The following information applies to the questions displayed below.] RunHeavy Corporation (RHC) is a corporation that manages a local band. It had the following activities during its first month. a. RHC was formed with an investment of $10,000 cash, paid in by the leader of the band on January 3 in exchange for common stock. b. On January 4, RHC purchased music equipment by paying $2,400 cash and signing an $7,600 promissory note payable in three years. c. On January 5, RHC booked the band for six concert events, at a price of $2,900 each, but no cash was collected yet. d. Of the six events, four were completed between January 10 and 20. e. On January 22, cash was collected for three of the four events. f. The other two bookings were for February concerts, but on January 24, RHC collected half of the $2,900 fee for one of them. g. On January 27, RHC paid $3,540 cash for the band's travel-related costs. h. On January 28, RHC paid its band members a total of $2,520 cash for salaries and wages for the first three events. i. As of January 31, the band members hadn't yet been paid wages for the fourth event completed in January, but they would be paid in February at the same rate as for the first three events. j. As of January 31, RHC has not yet recorded the $188 of monthly depreciation on the equipment. k. Also, RHC has not yet paid or recorded the $57 interest owed on the promissory note at January 31. 1. RHC is subject to a 20% tax rate on the company's income before tax

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Advanced Accounting

Authors: Debra C. Jeter, Paul K. Chaney

7th edition

1119373204, 9781119373254 , 978-1119373209

More Books

Students also viewed these Accounting questions

Question

Mortality rate

Answered: 1 week ago

Question

Armed conflicts.

Answered: 1 week ago