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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.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
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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: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.
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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