Required information [The following information applies to the questions displayed below.] RunHeavy Corporation (RHC) is a...

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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 the following activities during its first month. a. RHC was formed with an investment of $10,100 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 $1,300 cash and signing an $8,800 promissory note payable in three years. c. On January 5, RHC booked the band for six concert events, at a price of $2,700 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 $2,700 fee for one of them. g. On January 27, RHC paid $2,440 cash for the band's travel-related costs. h. On January 28, RHC paid its band members a total of $2,190 cash for salaries and wages for the first three events. i. 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 $114 of monthly depreciation on the equipment. k. Also, RHC has not yet paid or recorded the $66 interest owed on the promissory note at January 31. 1. RHC is subject to a 25% tax rate on the company's income before tax. Required: Prepare journal entries to record the transactions and appropriate adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No 1 Transaction a. General Journal Cash Common Stock 2 b. 34 C. d. 5 e. 6 f. 7 g. 8 h. 9 i. 10 j. Equipment Cash Notes Payable (long-term) No Journal Entry Required Accounts Receivable Service Revenue Cash Accounts Receivable Cash Deferred Revenue Travel Expense Cash Salaries and Wages Expense Cash Salaries and Wages Expense Salaries and Wages Payable Depreciation Expense Accumulated Depreciation 11 k. Interest Expense Interest Payable 12 I. Income Tax Expense Income Tax Payable Debit Credit 10,100 10,100 10,100 1,300 8,800 33 33 33 33 33 33 33 3 10,800 10,800 8,100 8,100 1,350 1,350 2,440 2,440 2,190 2,190 730 730 114 114 +3 66 66 2,568X 2,568X 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 $10,100 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 $1,300 cash and signing an $8,800 promissory note payable in three years. c. On January 5, RHC booked the band for six concert events, at a price of $2,700 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 $2,700 fee for one of them. g. On January 27, RHC paid $2,440 cash for the band's travel-related costs. h. On January 28, RHC paid its band members a total of $2,190 cash for salaries and wages for the first three events. i. 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 $114 of monthly depreciation on the equipment. k. Also, RHC has not yet paid or recorded the $66 interest owed on the promissory note at January 31. 1. RHC is subject to a 25% tax rate on the company's income before tax. Required: Prepare journal entries to record the transactions and appropriate adjustments. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No 1 Transaction a. General Journal Cash Common Stock 2 b. 34 C. d. 5 e. 6 f. 7 g. 8 h. 9 i. 10 j. Equipment Cash Notes Payable (long-term) No Journal Entry Required Accounts Receivable Service Revenue Cash Accounts Receivable Cash Deferred Revenue Travel Expense Cash Salaries and Wages Expense Cash Salaries and Wages Expense Salaries and Wages Payable Depreciation Expense Accumulated Depreciation 11 k. Interest Expense Interest Payable 12 I. Income Tax Expense Income Tax Payable Debit Credit 10,100 10,100 10,100 1,300 8,800 33 33 33 33 33 33 33 3 10,800 10,800 8,100 8,100 1,350 1,350 2,440 2,440 2,190 2,190 730 730 114 114 +3 66 66 2,568X 2,568X