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Required information [The following information applies to the questions displayed below.) RunHeavy Corporation (RHC) is a corporation that manages a local band. It had
Required 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 $10,500 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 $2,100 cash and signing an $8,400 promissory note payable in three years. c. On January 5, RHC booked the band for six concert events, at a price of $2,600 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 $2,600 fee for one of them. g. On January 27, RHC paid $3,240 cash for the band's travel-related costs. h. On January 28, RHC paid its band members a total of $2,430 cash for salaries and wages for the first three events. . 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 $157 of monthly depreciation on the equipment. k. Also, RHC has not yet paid or recorded the $63 interest owed on the promissory note at January 31. RHC is subject to a 20% tax rate on the company's income before tax. Required: 2. Post the entries from requirement 1 to T-accounts and prepare an adjusted trial balance. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Post the entries from requirement 1 to T-accounts. Debit Beginning Balance Ending Balance Cashi Accounts Receivable Credit Debit Credit Beginning Balance Ending Balance Equipment Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance 0 Deferred Revenue Ending Balance 0 Accumulated Depreciation Credit 0 Salaries and Wages Payable Credit Debit Credit Beginning Balance ces Beginning Balance Ending Balance Deferred Revenue Debit Credit Beginning Balance 0 Ending Balance Salaries and Wages Payable Debit Credit Interest Payable Income Tax Payable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Beginning Balance Ending Balance 0 Ending Balance Notes Payable (long-term) Common Stock Debit Credit Debit Credit Beginning Balance 0 Ending Balance 0 Retained Earnings Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Beginning Balance Debit Travel Expense Ending Balance Debit Beginning Balance. ces Ending Balance 0 Interest Expense Credit Beginning Balance Ending Balance Debit Salaries and Wages Expense Credit Depreciation Expense Credit Debit Credit Beginning Balance Income Tax Expense Debit Credit Beginning Balance Ending Balance 0 Ending Balance Cash Accounts Receivable Equipment RUNHEAVY CORPORATION Adjusted Trial Balance Accumulated Depreciation Deferred Revenue Salaries and Wages Payable Interest Payable Income Tax Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Travel Expense Salaries and Wages Expense Interest Expense Depreciation Expense Income Tax Expense Totals Debit Credit $ 0 $ 0
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