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 $ 8,300 7,200 6,100 3,720 1,530 10,200 4,000 30,000 12,400 3,060 5,030 520 The following transactions occurred during January. a. Received $2,480 cash on 1/1 from customers on account for recording services completed in December. b. Wrote checks on 1/2 totaling $4,120 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 $4,000 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 $4,040 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 $1,440 for employees' salaries and wages for the first half of January. 1. Received $2,880 cash on 1/31 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 ()-(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 $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 15-21). o. Depreciation for the month is $160. p. Salaries and wages totaling $2,000 have not yet been recorded for January 16-31. q. Prepaid Rent will be fully used up by March 31. r. Supplies on hand at January 31 were $500. s. Received $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 $67 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. Require... General General Journal Ledger Trial Income Bank Balance Statem... Reconcil... Balance Sheet Analysis SIIRTEIDI-1111211WILLHILMAS No Date General Journal Debit Credit k 1 Jan 01 Cash 2,480 Accounts Receivable 2,480 2 4,120 Jan 02 Accounts Payable Cash 4,120 3 200_ Jan 03 Supplies Accounts Payable 200 4,000 4,000 4,800 4 Jan 04 Deferred Revenue Service Revenue 25 Jan 05 Cash Service Revenue 6 Jan 06 Accounts Payable Cash 4,800 4,040 4,040 1,050 Jan 07 Cash Cash Equivalents 1,050 1,440 1,440 8 L 9 Jan 15 Salaries and Wages Expense Cash Jan 31 Cash Deferred Revenue 2.880 2,880 10 510 Jan 31 Accounts Receivable Cash 510 11 Jan 31 No Journal Entry Required 12 Jan 31 No Journal Entry Required 2:13 Jan 31 Cash Interest Receivable 14 Jan 31 Office Expenses Cash 160 15 Jan 31 Depreciation Expense Accumulated Depreciation- Equipment 160 2,000 2,000 2 16 Jan 31 Salaries and Wages Expense Salaries and Wages Payable 17 Jan 31 Rent Expense Prepaid Rent 3,060 3,060 18 200 Jan 31 Supplies Supplies Expense 200 5001 19 Jan 31 Utilities Expense Accounts Payable 500 671 20 Jan 31 Interest Expense Interest Payable 21 Jan 31 Income Tax Expense Income Tax Payable