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C5-1 (Algo) Recording Transactions and Adjustments, Reconciling Items, and Preparing Financial Statements LO 2-2, 2-4, 2-5, 3-3, 3-5, 4-2, 4-3, 4-4, 5-4, 5-5 (General Ledger) On January 1, Pulse Recording Studio (PRS) had the following account balances. The following transactions occurred during January. a. Received $2,440 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 $4,690 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 $1,020 of cash equivalents into cash on 1/7. h. On 1/15, completed EFTs for $1,380 for employees' salaries and wages for the first half of January. 1. Recelved $2,970 cash on 1/31 from customers for recording sessions to start in February. 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)-(n) from the bank reconciliation. 1. The bank deducted $470 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 to 21 ). o. Depreciation for the month is $240. p. Salaries and wages totaling $1,100 have not yet been recorded for January 16 to 31 . q. Prepaid Rent will be fully used up by March 31. r. Supplies on hand at January 31 were $200. s. 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 $32 for January has not yet been recorded or paid. u. Income tax of $2,300 on January income has not yet been recorded or paid. 4. Review the adjisted '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 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 January 31 to correctly report net income for 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 balances 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 reconcilation 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 occount, based on your selection. Analysis tab - Using the information from the requirements above, complete the 'Analysis' tab. Journal entry worksheet Received $2,440 cash on 1/1 from customers on account for recording services completed in December. Record the transaction. Note: Enter debits before credits. 1 Received $2,440 cash on 1/1 from customers on account for recording services completed in December. Record the transaction. 2 Wrote checks on 1/2 totaling $4,370 for amounts owed on account at the end of December. Record the transaction. 3 Purchased and received supplies on account on 1/3, at a total cost of $200. Record the transaction. 4 Completed $3,900 of recording sessions on 1/4 that customers had paid for in advance in December. Record the transaction. 5 Received $4,690 cash on 1/5 from customers for recording sessions started and completed in January. Record the transaction. 6 Wrote a check on 1/6 for $4,080 for an amount owed on account. Record the transaction. 7 Converted $1,020 of cash equivalents into cash on 1/7. Record the transaction. 8 On 1/15, completed EFTs for $1,380 for employees' salaries and wages for the first half of January. Record the transaction. 9 Received $2,970 cash on 1/31 from customers for recording sessions to start in February. Record the transaction. 10 The bank deducted $470 for an NSF check from a customer deposited on January 5 . Record the transaction. 11 The check written January 6 has not cleared the bank, but the January 2 payment has cleared. Record the transaction. 12 The cash received and deposited on January 31 was not processed by the bank until February 1 . Record the transaction. 13 The bank added $4 cash to the account for interest earned in January: Record the transaction. 14 The bank deducted $4 for service charges. Record the transaction. 15 Depreciation for the month $240. Record the transaction. 16 Salaries and wages totaling $1,100 have not yet been recorded for January 16-31. Record the transaction. 17 Prepaid Rent will be fully used up by March 31. Record the transaction. 18 Supplies on hand at January 31 were $200. Record the 17 Prepaid Rent will be fully used up by March 31. Record the transaction. 18 Supplies on hand at January 31 were $200. Record the transaction. 19 Received $200 invoice for January electricity charged on account to be paid in February but is not yet recorded. Record the transaction. 20 Interest on the promissory note of $32 for January has not yet been recorded or paid. Record the transaction. 21 Income tax of $2,300 on January income has not yet been recorded or paid. Record the transaction. Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. Use the January 31 balance in Cash from General Ledger tab and the information (f) - (n) to prepare a bank reconciliation. PRS's bank reported a Janu balance of $5,570. Unadjusted Using the information from the requirements above, complete the 'Analysis' tab. C5-1 (Algo) Recording Transactions and Adjustments, Reconciling Items, and Preparing Financial Statements LO 2-2, 2-4, 2-5, 3-3, 3-5, 4-2, 4-3, 4-4, 5-4, 5-5 (General Ledger) On January 1, Pulse Recording Studio (PRS) had the following account balances. The following transactions occurred during January. a. Received $2,440 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 $4,690 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 $1,020 of cash equivalents into cash on 1/7. h. On 1/15, completed EFTs for $1,380 for employees' salaries and wages for the first half of January. 1. Recelved $2,970 cash on 1/31 from customers for recording sessions to start in February. 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)-(n) from the bank reconciliation. 1. The bank deducted $470 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 to 21 ). o. Depreciation for the month is $240. p. Salaries and wages totaling $1,100 have not yet been recorded for January 16 to 31 . q. Prepaid Rent will be fully used up by March 31. r. Supplies on hand at January 31 were $200. s. 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 $32 for January has not yet been recorded or paid. u. Income tax of $2,300 on January income has not yet been recorded or paid. 4. Review the adjisted '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 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 January 31 to correctly report net income for 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 balances 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 reconcilation 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 occount, based on your selection. Analysis tab - Using the information from the requirements above, complete the 'Analysis' tab. Journal entry worksheet Received $2,440 cash on 1/1 from customers on account for recording services completed in December. Record the transaction. Note: Enter debits before credits. 1 Received $2,440 cash on 1/1 from customers on account for recording services completed in December. Record the transaction. 2 Wrote checks on 1/2 totaling $4,370 for amounts owed on account at the end of December. Record the transaction. 3 Purchased and received supplies on account on 1/3, at a total cost of $200. Record the transaction. 4 Completed $3,900 of recording sessions on 1/4 that customers had paid for in advance in December. Record the transaction. 5 Received $4,690 cash on 1/5 from customers for recording sessions started and completed in January. Record the transaction. 6 Wrote a check on 1/6 for $4,080 for an amount owed on account. Record the transaction. 7 Converted $1,020 of cash equivalents into cash on 1/7. Record the transaction. 8 On 1/15, completed EFTs for $1,380 for employees' salaries and wages for the first half of January. Record the transaction. 9 Received $2,970 cash on 1/31 from customers for recording sessions to start in February. Record the transaction. 10 The bank deducted $470 for an NSF check from a customer deposited on January 5 . Record the transaction. 11 The check written January 6 has not cleared the bank, but the January 2 payment has cleared. Record the transaction. 12 The cash received and deposited on January 31 was not processed by the bank until February 1 . Record the transaction. 13 The bank added $4 cash to the account for interest earned in January: Record the transaction. 14 The bank deducted $4 for service charges. Record the transaction. 15 Depreciation for the month $240. Record the transaction. 16 Salaries and wages totaling $1,100 have not yet been recorded for January 16-31. Record the transaction. 17 Prepaid Rent will be fully used up by March 31. Record the transaction. 18 Supplies on hand at January 31 were $200. Record the 17 Prepaid Rent will be fully used up by March 31. Record the transaction. 18 Supplies on hand at January 31 were $200. Record the transaction. 19 Received $200 invoice for January electricity charged on account to be paid in February but is not yet recorded. Record the transaction. 20 Interest on the promissory note of $32 for January has not yet been recorded or paid. Record the transaction. 21 Income tax of $2,300 on January income has not yet been recorded or paid. Record the transaction. Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. Use the January 31 balance in Cash from General Ledger tab and the information (f) - (n) to prepare a bank reconciliation. PRS's bank reported a Janu balance of $5,570. Unadjusted Using the information from the requirements above, complete the 'Analysis' tab