156 Chapter 3 The Adjusting Process Continuing Problem 3. Total of Debit column: $42,340 The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: Debit Credit PS Music Unadjusted Trial Balance July 31, 2019 Account No. Balances Balances 11 9,945 12 2,750 Cash.... Accounts Receivable Supplies Prepaid Insurance. Office Equipment... Accounts Payable. Unearned Revenue. Peyton Smith, Capital. Peyton Smith, Drawing. Fees Earned. Wages Expense.... Office Rent Expense.. Equipment Rent Expense. Utilities Expense.... Music Expense..... 14 1,020 15 2,700 17 7,500 21 8.350 23 7.200 31 9,000 32 1,750 41 16,200 50 2,800 51 2,550 52 1,375 53 1,215 54 3,610 55 1,500 Advertising Expense.. Supplies Expense... Miscellaneous Expense. 56 180 59 1,855 40,750 40,750 The data needed to determine adjustments are as follows: During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 transaction at the end of Chapter 2. Supplies on hand at July 31, $275. The balance of the prepaid insurance account relates to the July 1 transaction in Chapter 2. Depreciation of the office equipment is $50. The balance of the unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3 transaction in Chapter 2. Accrued wages as of July 31 were $140. Instructions 1. Prepare adjusting journal entries. You will need the following additional accounts: 18 Accumulated Depreciation-Office Equipment 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense 2. Post the adjusting entries, inserting balances in the accounts affected. 3. Prepare an adjusted trial balance.