On January 1, Pulse Recording Studio (PRS) had the following account balances. Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Deferred Revenue Equipment Notes Payable (long-term) Prepaid Rent Retained Earnings Supplies $ 8,600 6,800 6,500 3,640 1,580 10,300 4,000 30,300 12,200 3,060 4,250 470 The following transactions occurred during January. a. Received $2,510 cash on 1/1 from customers on account for recording services completed in December. b. Wrote checks on 1/2 totaling $4,280 for amounts owed on account at the end of December. c. Purchased and received supplies on account on 1/3, at a total cost of $200. d. Completed $4,000 of recording sessions on 1/4 that customers had paid for in advance in December. e. Received $4,690 cash on 1/5 from customers for recording sessions started and completed in January. f. Wrote a check on 1/6 for $4,120 for an amount owed on account. g. Converted $1,030 of cash equivalents into cash on 1/7. h. On 1/15, completed EFTs for $1,320 for employees' salaries and wages for the first half of January. i. Received $3,030 cash on 1/31 from customers for recording sessions to start in February.

On January 1, Pulse Recording Studio (PRS) had the following account balances. Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Deferred Revenue Equipment Notes Payable (long-term) Prepaid Rent Retained Earnings Supplies $ 8,600 6,800 6,500 3,640 1,580 10,300 4,000 30,300 12,200 3,060 4,250 470 The following transactions occurred during January. a. Received $2,510 cash on 1/1 from customers on account for recording services completed in December. b. Wrote checks on 1/2 totaling $4,280 for amounts owed on account at the end of December. c. Purchased and received supplies on account on 1/3, at a total cost of $200. d. Completed $4,000 of recording sessions on 1/4 that customers had paid for in advance in December. e. Received $4,690 cash on 1/5 from customers for recording sessions started and completed in January. f. Wrote a check on 1/6 for $4,120 for an amount owed on account. g. Converted $1,030 of cash equivalents into cash on 1/7. h. On 1/15, completed EFTs for $1,320 for employees' salaries and wages for the first half of January. i. Received $3,030 cash on 1/31 from customers for recording sessions to start in February.

Name: On January 1, Pulse Recording Studio (PRS) had the following account
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Description: On January 1, Pulse Recording Studio (PRS) had the following account balances.Accounts PayableAccounts ReceivableAccumulated Depreciation-EquipmentCashCash EquivalentsCommon StockDeferred RevenueEquipmentNotes Payable (long-term)Prepaid RentRetained

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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