On January 1, Pulse Recording Studio (PRS) had the following account balances Accounts Receivable Accumulated Depreciation Equipment Cath Equivalents Deferred Revenue Notes Payable (long ters) 2.07 The following transactions occurred during January a Received $2.490 cash on 1/1 from customers on account for recording services completed in December b. Wrote checks on 2 totaling $4,290 for amounts owed on account at the end of December Purchased and received supplies on account on 13, at a total cost of $200 d Completed $3900 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 $4,120 for an amount owed on account o Converted $1,030 of cash equivalents into cash on 17 h On 115, completed EFTs for $1.450 for employees' salaries and wages for the first half of January Received $2.820 cash on 131 from customers for recording sessions to start in February Required: 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 (1)-in) from the bank reconciliation The bank deducted $510 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 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 eamed 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 15-21 o Depreciation for the month is $150. p. Salaries and wages totaling $1,700 have not yet been recorded for January 16-31 Prepaid Rent will be fully used up by March 31 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 Interest on the promissory note of $56 for January has not yet been recorded or paid Income tax of $1000 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 General General Ledger Trial Balance Income statement Bank Reconcilation Balance Sheet an d Analysis 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 Lanuary 31 to correctly report net income 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 aces 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 reconciation 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. General Journal > Required: 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 (i)-in) from the bank reconciliation j The bank deducted $510 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 15-21). o. Depreciation for the month is $150. p. Salaries and wages totaling $1,700 have not yet been recorded for January 16-31. q. Prepaid Rent will be fully used up by March 31. 1. Supplies on hand at January 31 were $500 5. 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 $56 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. Requirement General Journal General Ledger Income Bank Trial Balance Balance Statement Reconcilio Balance Sheet Analysis Prepare the journal entries to record transactions (a) through (n). Then prepare the necessary adjusting entries (0) through (u) to correctly report net income for the period. (If no entry is required for a transaction event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 .... Received $2.490 cash on 1/1 from customers on account for recording som completed in December Record the transaction Note: E r des beloce credits General Journal Debit Credit Date Jan 01 - Homework i . Interest on the promissory note of $56 for January has not yet been recorded or paid 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 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. Requirement General Journal General Ledger Trial Balance Income Statement Balance Reconciation Use the dropdowns to select the accounts properly included on the balance sheet The appeal for each account, based on your selection. Unadjusted Pulse Recording Studio Balance Sheet At January 31 Equipment, net Liabilities and Stockholders' Equity OOOOOOOOOOOO 0 ( Bank Reconciliation Analysis 5 - Homework 2. Prepare journal entries for items ( i n) from the bank reconciliation J. The bank deducted $510 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 15-21). o. Depreciation for the month is $150. p. Salaries and wages totaling $1700 have not yet been recorded for January 16-31 9. Prepaid Rent will be fully used up by March 31. Supplies on hand at January 31 were $500. 5. Received 5200 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 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. * Requirement General Journal General Ledger Trial Balance Income Statement 33 Balance Sheet Analysis Using the Information from the requirements above, complete the 'Analy Calore the current ratio of January 31 Current Ratio wheth PRS has met son covenant that requires a minimum cu Calculate the net profit margin at January 31 Pound your answer to 2 decimal places) Net Pro Margin Indicate whether PRS has achieved its objective of 10 percent Required: 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 (i)-in) from the bank reconciliation j The bank deducted $510 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 15-21). o. Depreciation for the month is $150. p. Salaries and wages totaling $1,700 have not yet been recorded for January 16-31. q. Prepaid Rent will be fully used up by March 31. 1. Supplies on hand at January 31 were $500 5. 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 $56 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. Requirement General Journal General Ledger Income Bank Trial Balance Balance Statement Reconcilio Balance Sheet Analysis Prepare the journal entries to record transactions (a) through (n). Then prepare the necessary adjusting entries (0) through (u) to correctly report net income for the period. (If no entry is required for a transaction event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 .... Received $2.490 cash on 1/1 from customers on account for recording som completed in December Record the transaction Note: E r des beloce credits General Journal Debit Credit Date Jan 01 - Homework i . Interest on the promissory note of $56 for January has not yet been recorded or paid 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 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. Requirement General Journal General Ledger Trial Balance Income Statement Balance Reconciation Use the dropdowns to select the accounts properly included on the balance sheet The appeal for each account, based on your selection. Unadjusted Pulse Recording Studio Balance Sheet At January 31 Equipment, net Liabilities and Stockholders' Equity OOOOOOOOOOOO 0 ( Bank Reconciliation Analysis 5 - Homework 2. Prepare journal entries for items ( i n) from the bank reconciliation J. The bank deducted $510 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 15-21). o. Depreciation for the month is $150. p. Salaries and wages totaling $1700 have not yet been recorded for January 16-31 9. Prepaid Rent will be fully used up by March 31. Supplies on hand at January 31 were $500. 5. Received 5200 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 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. * Requirement General Journal General Ledger Trial Balance Income Statement 33 Balance Sheet Analysis Using the Information from the requirements above, complete the 'Analy Calore the current ratio of January 31 Current Ratio wheth PRS has met son covenant that requires a minimum cu Calculate the net profit margin at January 31 Pound your answer to 2 decimal places) Net Pro Margin Indicate whether PRS has achieved its objective of 10 percent