The unadjusted trial balance of PS Music as of July 31, 20Y5, along with the adjustment data for the two months ended July 31, 20Y5, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared:

Instructions

1. Using the data from Chapter 3, prepare an end-of-period spreadsheet.

2. Prepare an income statement, a statement of stockholders’ equity, and a balance sheet.

3. Journalize and post the closing entries. The retained earnings account is #32 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.

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PS Music Adjusted Trial Balance July 31, 20Y5 Account No. Debit Balances Credit Balances Cash ....... 11 9,945 Accounts Receivable... 12 4,150 Supplies..... Prepaid Insurance. Office Equipment Accumulated Depreciation-Office Equipment .. Accounts Payable ... Wages Payable .. Unearned Revenue.. 275 14 2,475 15 17 7,500 18 50 21 8,350 140 22 23 3,600 Common Stock 31 9,000 Dividends 33 1,750 Fees Earned.. 21,200 41 Music Expense . Wages Expense Office Rent Expense . Advertising Expense. Equipment Rent Expense Utilities Expense Supplies Expense.. Insurance Expense Depreciation Expense Miscellaneous Expense 54 3,610 2,940 51 2,550 55 1,500 52 1,375 53 1,215 925 56 57 225 58 50 59 1,855 42,340 42,340