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 $11,400 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 $2,200 cash and signing an $9,200 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 $3,340 cash for the band's travel-related costs. h. On January 28, RHC paid its band members a total of $2,460 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 $167 of monthly depreciation on the equipment. k. Also, RHC has not yet paid or recorded the $69 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: 1. 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 not complete. No Transaction General Journal Debit Credit 1 a. Cash 11,400 Common Stock 11,400 2 b ? 11,400 Equipment Cash Notes Payable (long-term) ? 2,200 9,200 3 C. No Transaction Recorded 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. Cash Accounts Receivable Debit Credit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance 0 Equipment Accumulated Depreciation Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance 0 Ending Balance 0 Deferred Revenue Debit Credit Salaries and Wages Payable Debit Beginning Balance Credit Beginning Balance Ending Balance 0 Ending Balance 0 Interest Payable Income Tax Payable Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance 0 Ending Balance 0 Common Stock Notes Payable (long-term) Debit Beginning Balance Credit Credit Debit Beginning Balance Ending Balance 0 Ending Balance 0 Retained Earnings Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance 0 Ending Balance 0 Travel Expense Salaries and Wages Expense Debit Debit Credit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance 0 Interest Expense Depreciation Expense Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance 0 Ending Balance 0 Income Tax Expense Credit Debit Beginning Balance Ending Balance 0 Req 2A Req 2B Prepare an adjusted trial balance. RUNHEAVY CORPORATION Adjusted Trial Balance At January 31 Debit Credit Cash Accounts Receivable Equipment 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 $ 0 $ 0 Required: 3-a. Prepare an income statement for January 31. 3-b. Prepare a classified balance sheet for January 31. Complete this question by entering your answers in the tab Req ?? Req 3B Prepare an income statement for January 31. RUNHEAVY CORPORATION Income Statement For the Month Ended January 31 Revenues Total Revenues 0 Expenses Total Expenses 0 Net Income Required: 3-a. Prepare an income statement for January 31. 3-b. Prepare a classified balance sheet for January 31. Complete this question by entering your answers in the ta Reg 3A Req 3B Prepare a classified balance sheet for January 31. (Amounts to be RUNHEAVY CORPORATION Balance Sheet 0 0 $ 0