Please help me understand how to come to the right solution. TYIA.
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On January 1, Pulse Recording Studio (PRS) had the following account balances. The following transactions occurred during January. a. Received $2,420 cash on 1/1 from customers on account for recording services completed in December. b. Wrote checks on 1/2 totaling $4,370 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 $3,900 of recording sessions on 1/4 that customers had paid for in advance in December. e. Received $4,750 cash on 1/5 from customers for recording sessions started and completed in January. f. Wrote a check on 1/6 for $4,000 for an amount owed on account. g. Converted $1,010 of cash equivalents into cash on 1/7. h. On 1/15, completed EFT s for $1,400 for employees' salaries and wages for the first half of January. i. Received $2,940 cash on 1/31 from customers for recording sessions to start in February. Prepare the journal entries to record transactions (a) through (n). Then prepare the necessary adjusting entries (o) 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.) Journal entry worksheet Received $2,420 cash on 1/1 from customers on account for recording services completed in December. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 821 Wrote checks on 1/2 totaling $4,370 for amounts owed on account at the end of December. Record the transaction. Note: Enter debits before credits. 000: No Journal Entry Required 100: Cash 101: Cash Equivalents 102: Petty Cash r. cuUIIS ReceIvade 103: Restricted Cash (short-term) 110: Accounts Receivable 111: Allowance for Doubtful Accounts 120: Notes Receivable (short-term) 121: Interest Receivable 122: Short-term Investments 130: Inventory 131: Inventory - Estimated Returns 140: Supplies 150: Prepaid Insurance 151: Prepaid Rent 152: Prepaid Advertising 170: Land 171: Buildings 213: Refund Liability 220: Notes Payable (long-term) 221: Bonds Payable 222: Discount on Bonds Payable 223: Premium on Bonds Payable 172: Accumulated Depreciation-Buildings 173: Equipment 174: Accumulated Depreciation-Equipment 175: Vehicles 176: Accumulated Depreciation-Vehicles 180: Goodwill 181: Logo and Trademarks 182: Patents 183: Copyrights 184: Licensing Rights 185: Franchise Rights 186: Software 187: Accumulated Amortization 190: Restricted Cash (long-term) 191: Notes Receivable (long-term) 192: Natural Resource Assets 193: Other Noncurrent Assets 201: Accounts Payable 202: Interest Payable 203: Salaries and Wages Payable 204: Withheld Income Taxes Payable 205: FICA Payable 206: Unemployment Tax Payable 207: Charitable Contributions Payable 208: Sales Tax Payable 209: Income Tax Payable 210: Dividends Payable 211: Deferred Revenue 212: Notes Payable (short-term) 213: Refund Liability 220: Notes Payable (long-term) 221: Bonds Payable 222: Discount on Bonds Payable 223: Premium on Bonds Payable 301: Common Stock 302: Additional Paid-In Capital, Common Stock 303: Preferred Stock 305: Retained Earnings 306: Accumulated Other Comprehensive Income 401: Service Revenue 403: Donation Revenue 410: Interest Revenue 411: Dividend Revenue 413: Gain on Equity Securities 420: Rent Revenue 430: Gain on Disposal of PPE 431: Gain on Bond Retirement 432: Other Revenue 440: Sales Revenue 441: Sales Returns and Allowances 501: Cost of Goods Sold 502: Advertising Expense 503: Amortization Expense 504: Bad Debt Expense 505: Delivery Expense 506: Depreciation Expense 507: Impairment Loss 508: Insurance Expense 509: Interest Expense 510: Legal Expense 511: Office Expense 512: Payroll Tax Expense 513: Rent Expense 514: Repairs and Maintenance Expense 515: Salaries and Wages Expense 516: Selling, General, and Administrative Expense 517: Supplies Expense 518: Travel Expense 519: Utilities Expense 520: Other Operating Expenses 521: Loss on Disposal of PPE 522: Loss on Bond Retirement 523: Cash Shortage 524: Income Tax Expense 525: Cash Overage 527: Bank Charges Expense 600: Dividends
