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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 $10,100 cash, pald 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 $1,700 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 pald $2,840 cash for the band's travel-related costs.
h. On January 28, RHC pald its band members a total of $2,310 cash for salarles and wages for the first three events.
As of January 31, 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 31, RHC has not yet recorded the $167 of monthly depreciation on the equipment.
k. Also, RHC has not yet pald 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:
Post the entrles from requirement 1 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.
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