Question

On January 1, Pulse Recording Studio (PRS) had the following account balances Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Equipment Notes Payable (long-term) Prepaid Rent Retained Earnings Supplies Unearned Revenue $ 8,500 7,000 6,000 3,800 1,500 10,000 30,000 12,000 3,000 5,300 500 4,000 The following transactions occurred during January. 1. Received $2,500 cash on 1/1 from customers on account for recording services completed in December 2. Wrote checks on 1/2 totaling $4,000 for amounts owed on account at the end of December. 3. Purchased and received supplies on account on 1/3, at a total cost of $200. 4. Completed $4,000 of recording sessions on 1/4 that customers had paid for in advance in December 5. Received $5,000 cash on 1/5 from customers for recording sessions started and completed in January 6. Wrote a check on 1/6 for $4,000 for an amount owed on account. 7. Converted $1,000 of cash equivalents into cash on 1/7 8. On 1/15, completed EFTs for $1,500 for employees' salaries and wages for the first half of January. 9. Received $3,000 cash on 1/31 from customers for recording sessions to start in February

Fill out the balance sheet with the transactions and balances above:

Answer 1

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.

Working:
	Beginning Balance	Even	Transactions	Balance Ending
Accounts Payable	8500	2	-4000
		3	200
		6	-4000	700
Accounts Receivable	7000	1	-2500	4500
Accumulated Depreciation-Equipment	6000			6000
Cash	3800	1	2500	5800
		2	-4000
		5	5000
		6	-4000
		7	1000
		8	-1500
		9	3000
Cash Equivalents	1500	7	-1000	500
Common Stock	10000			10000
Equipment	30000			30000
Notes Payable	12000			12000
Prepaid Rent	3000			3000
Retained Earning	5300	4+5-8	7500	12800
Supplies	500	2	200	700
Unearned Revenue	4000	4	-4000	3000
		9	3000
Sales Revenue		4	4000
		5	5000	9000
Salaries and Wages		8	1500	1500
Balance Sheet:
Current Assets:
Cash	5800
Cash Equivalents	500
Accounts Receivable	4500
Prepaid Rent	3000
Supplies	700
Total Current Assets		14500
Equipment	30000
Less:Accumulated Dep	6000
Equipment, Net		24000
Total Assets		38500
Total Liabilities and Equity
Current Liabilities:
Accounts Payable	700
Unearned Revenue	3000
Total Current Liabilities		3700
Notes Payable		12000
Total Liabilities		15700
Equity:
Common Stock	10000
Retained Earning	12800	22800
Total Liabilities and Equity		38500