The unadjusted trial balance of PS Music as of July 31, 2019, along with the adjustment data for the two months ended July 31, 2019, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared: PS Music Adjusted Trial Balance July 31, 2019 Debit Balances Credit Balances Cash ..... 9,945 Accounts Receivable. 4,150 Supplies. Prepaid Insurance. Office Equipment Accumulated Depreciation-Office Equipment. Accounts Payable Wages Payable... 275 2,475 7,500 50 8,350 140 Unearned Revenue 3,600 Peyton Smith, Capital. Peyton Smith, Drawing 9,000 1,750 Fees Earned.... 21,200 3,610 2,940 Music Expense. Wages Expense Office Rent Expense Advertising Expense.. 2,550 1,500 Equipment Rent Expense Utilities Expense Supplies Expense.. Insurance Expense 1,375 1,215 925 225 Depreciation Expense Miscellaneous Expense 50 1,855 42,340 42,340 (Continued) Instructions 1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet. 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, 2019.) 3. Journalize and post the closing entries. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 4. Prepare a post-closing trial balance.
The unadjusted trial balance of PS Music as of July 31, 2019, along with the adjustment data for the two months ended July 31, 2019, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared: PS Music Adjusted Trial Balance July 31, 2019 Debit Balances Credit Balances Cash ..... 9,945 Accounts Receivable. 4,150 Supplies. Prepaid Insurance. Office Equipment Accumulated Depreciation-Office Equipment. Accounts Payable Wages Payable... 275 2,475 7,500 50 8,350 140 Unearned Revenue 3,600 Peyton Smith, Capital. Peyton Smith, Drawing 9,000 1,750 Fees Earned.... 21,200 3,610 2,940 Music Expense. Wages Expense Office Rent Expense Advertising Expense.. 2,550 1,500 Equipment Rent Expense Utilities Expense Supplies Expense.. Insurance Expense 1,375 1,215 925 225 Depreciation Expense Miscellaneous Expense 50 1,855 42,340 42,340 (Continued) Instructions 1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet. 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, 2019.) 3. Journalize and post the closing entries. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 4. Prepare a post-closing trial balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The unadjusted trial balance of PS Music as of July 31, 2019, along with the adjustment
data for the two months ended July 31, 2019, are shown in Chapter 3. Based upon the
adjustment data, the following adjusted trial balance was prepared:
PS Music
Adjusted Trial Balance
July 31, 2019
Debit
Balances
Credit
Balances
Cash .....
9,945
Accounts Receivable.
4,150
Supplies.
Prepaid Insurance.
Office Equipment
Accumulated Depreciation-Office Equipment.
Accounts Payable
Wages Payable...
275
2,475
7,500
50
8,350
140
Unearned Revenue
3,600
Peyton Smith, Capital.
Peyton Smith, Drawing
9,000
1,750
Fees Earned....
21,200
3,610
2,940
Music Expense.
Wages Expense
Office Rent Expense
Advertising Expense..
2,550
1,500
Equipment Rent Expense
Utilities Expense
Supplies Expense..
Insurance Expense
1,375
1,215
925
225
Depreciation Expense
Miscellaneous Expense
50
1,855
42,340
42,340
(Continued)
Transcribed Image Text:Instructions
1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet.
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, 2019.)
3. Journalize and post the closing entries. Indicate closed accounts by inserting a line in
both Balance columns opposite the closing entry.
4. Prepare a post-closing trial balance.
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