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PS Music The unadjusted trial balance of PS Music as of July 31, 2014, along with the adjustment data for he two months ended July 31, 2014, are shown in Chapter 4. Based upon the adjustment data, the adjusted trial balance shown below was prepared. V 2. Net income: PS Music Adjusted Trial Balance July 31, 2014 $4,955 Credit Balances Debit GENERAL LEDGER Balances Cash 9,945 Accounts Receivable.. Supplies.. Prepaid Insurance Office Equipment 4,150 275 2,475 7,500 Accumulated Depreciation-Office Equipment. Accounts Payable 50 8,350 Wages Payable. Unearned Revenue.. Peyton Smith, Capital.. 140 3,600 9,000 Peyton Smith, Drawing 1,750 Fees Earned. 21,200 Music Expense. 3,610 Wages Expense 2,940 Office Rent Expense. 2,550 Advertising Expense. 1,500 Equipment Rent Expense Utilities Expense 1,375 1,215 925 Supplies Expense.. Insurance Expense 225 50

PS Music The unadjusted trial balance of PS Music as of July 31, 2014, along with the adjustment data for he two months ended July 31, 2014, are shown in Chapter 4. Based upon the adjustment data, the adjusted trial balance shown below was prepared. V 2. Net income: PS Music Adjusted Trial Balance July 31, 2014 $4,955 Credit Balances Debit GENERAL LEDGER Balances Cash 9,945 Accounts Receivable.. Supplies.. Prepaid Insurance Office Equipment 4,150 275 2,475 7,500 Accumulated Depreciation-Office Equipment. Accounts Payable 50 8,350 Wages Payable. Unearned Revenue.. Peyton Smith, Capital.. 140 3,600 9,000 Peyton Smith, Drawing 1,750 Fees Earned. 21,200 Music Expense. 3,610 Wages Expense 2,940 Office Rent Expense. 2,550 Advertising Expense. 1,500 Equipment Rent Expense Utilities Expense 1,375 1,215 925 Supplies Expense.. Insurance Expense 225 50

FINANCIAL ACCOUNTING
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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PS Music he unadjusted trial balance of PS Music as of July 31, 2014, along with the adjustment data for he two months ended July 31, 2014, are shown in Chapter 4. Based upon the adjustment data, the adjusted trial balance shown below was prepared. V 2. Net income: $4,955· PS Music Adjusted Trial Balance July 31, 2014 Credit Balances Debit GENERAL LEDGER Balances Cash . 9,945 Accounts Receivable.. 4,150 Supplies... 275 Prepaid Insurance Office Equipment .... 2,475 7,500 Accumulated Depreciation-Office Equipment. Accounts Payable .... 50 8,350 Wages Payable.... 140 Unearned Revenue. 3,600 Peyton Smith, Capital...... Peyton Smith, Drawing.. Fees Earned....... 9,000 1,750 21,200 Music Expense 3,610 Wages Expense ... Office Rent Expense . 2,940 2,550 Advertising Expense... 1,500 Equipment Rent Expense ..... Utilities Expense .. 1,375 1,215 925 Supplies Expense. Insurance Expense 225 Depreciation Expense 50 Miscellaneous Expense .... 1,855 42,340 42,340
Transcribed Image Text:PS Music he unadjusted trial balance of PS Music as of July 31, 2014, along with the adjustment data for he two months ended July 31, 2014, are shown in Chapter 4. Based upon the adjustment data, the adjusted trial balance shown below was prepared. V 2. Net income: $4,955· PS Music Adjusted Trial Balance July 31, 2014 Credit Balances Debit GENERAL LEDGER Balances Cash . 9,945 Accounts Receivable.. 4,150 Supplies... 275 Prepaid Insurance Office Equipment .... 2,475 7,500 Accumulated Depreciation-Office Equipment. Accounts Payable .... 50 8,350 Wages Payable.... 140 Unearned Revenue. 3,600 Peyton Smith, Capital...... Peyton Smith, Drawing.. Fees Earned....... 9,000 1,750 21,200 Music Expense 3,610 Wages Expense ... Office Rent Expense . 2,940 2,550 Advertising Expense... 1,500 Equipment Rent Expense ..... Utilities Expense .. 1,375 1,215 925 Supplies Expense. Insurance Expense 225 Depreciation Expense 50 Miscellaneous Expense .... 1,855 42,340 42,340
1. (Optional.) Using the data from Chapter 4, prepare an end-of-period spreadsheet (work Chapter 5 Completing the Accounting Cycle of Service Businesses Esc F1 F2 F3 99 F7 F8 ! F9 @ F 43 Instructions 1. (Optional.) Using ule data from Chapter 4. prepare an end-of-period spreadsheet (work sheet). 2. Prepare an income statement, a statement of owner's equity, and a balance sheet. (Note: Peyton Smith made investments in PS Music on June 1 and July 1, 2014.) the 3. Journalize and post closing entries. The income summary account is #33 in the ledger of PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 4. Prepare a post-closing trial balance. ehensive Problem 1 Kell r Di4 LL
Transcribed Image Text:1. (Optional.) Using the data from Chapter 4, prepare an end-of-period spreadsheet (work Chapter 5 Completing the Accounting Cycle of Service Businesses Esc F1 F2 F3 99 F7 F8 ! F9 @ F 43 Instructions 1. (Optional.) Using ule data from Chapter 4. prepare an end-of-period spreadsheet (work sheet). 2. Prepare an income statement, a statement of owner's equity, and a balance sheet. (Note: Peyton Smith made investments in PS Music on June 1 and July 1, 2014.) the 3. Journalize and post closing entries. The income summary account is #33 in the ledger of PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 4. Prepare a post-closing trial balance. ehensive Problem 1 Kell r Di4 LL
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