PS Music's chart of accounts and the balance of accounts as of July 1, 20Y5 (all normal balances), are as follows: 11 Cash 12 Accounts Receivable $3,920 1,000 14 Supplies 15 Prepaid Insurance 170 17 Office Equipment 21 Accounts Payable 250 23 Unearned Revenue 31 Common Stock 4,000 33 Dividends 41 Fees Earned 500 6,200 50 Wages Expense 400 51 Office Rent Expense 800 52 Equipment Rent Expense 675 53 Utilities Expense 300 54 Music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 415 59 Miscellaneous Expense Required: Review the spreadsheet and notice that the July 1, 20Y5, account balances have been entered in the appropriate balance column of the four-column accounts. The word Balance has been entered in the Item column, and a check mark (√) has been entered in the Posting Reference column.

PS Music's chart of accounts and the balance of accounts as of July 1, 20Y5 (all normal balances), are as follows: 11 Cash 12 Accounts Receivable $3,920 1,000 14 Supplies 15 Prepaid Insurance 170 17 Office Equipment 21 Accounts Payable 250 23 Unearned Revenue 31 Common Stock 4,000 33 Dividends 41 Fees Earned 500 6,200 50 Wages Expense 400 51 Office Rent Expense 800 52 Equipment Rent Expense 675 53 Utilities Expense 300 54 Music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 415 59 Miscellaneous Expense Required: Review the spreadsheet and notice that the July 1, 20Y5, account balances have been entered in the appropriate balance column of the four-column accounts. The word Balance has been entered in the Item column, and a check mark (√) has been entered in the Posting Reference column.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 43E: Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required:...

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