1. Peyton Smith made an additional investment in PS Music in exchange for common stock by depositing $5,000 in PS Music's checking account. July 12 Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, 51,750. July 1: Paid a premin of 32,700 for a comprehenalve insurance policy covering ilibiity, theft, and fire. The pollcy covers a one-year period. July 2 i poovived 51,000 on nowount. luly 3: On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requines P5 Musio to provide a guest discj jockey for 80 hours per month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to koMD at $40 per hour. In accordance With the contract, Peyton recelved $7,200 from KOMD as an advance payment for the first two months. July 3: Paid $250 on account. July 4: Paid an attorney $900 for reviewing the July 3 contract with KXMD. (Records as Miscellaneous Expense.) July 5; Purchased office equipenent on accounc from office Mart, 37,500