Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required Information [ The following information applles to the questions displayed below. ] RunHeavy Corporation ( RHC ) is a corporation that manages a local
Required Information
The following information applles to the questions displayed below.
RunHeavy Corporation RHC is a corporation that manages a local band. It had the following actlvitles during its first
month.
a RHC was formed with an Investment of $ cash, pald in by the leader of the band on January in exchange for
common stock.
b On January RHC purchased music equipment by paying $ cash and signing an $ promissory note payable
In three years.
c On January RHC booked the band for sIX concert events, at a price of $ each, but no cash was collected yet.
d Of the sIx events, four were completed between January and
e On January cash was collected for three of the four events.
f The other two bookings were for February concerts, but on January collected half of the $ fee for one of
them.
g On January RHC pald $ cash for the band's travelrelated costs.
h On January RHC pald its band members a total of $ cash for salarles and wages for the first three events.
As of January the band members hadn't yet been pald 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 RHC has not yet recorded the $ of monthly depreciation on the equipment.
k Also, RHC has not yet pald or recorded the $ interest owed on the promissory note at January
RHC Is subject to a tax rate on the company's income before tax.
Required:
Post the entrles from requirement to T accounts and prepare an adjusted trial balance.
Complete this question by entering your answers in the tabs below.
Prepare an adjusted trial balance.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started