9 Problem Casheth 140 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 preparedi PS Music Adjusted Trial Balance July 31, 2019 Debit Credit Balances Balances 9,945 4,150 Accounts Receivable... 275 Supplies - Prepaid Insurance 2475 . 7,500 Office Equipment ... Accumulated Depreciation-office Equipment 8,350 Accounts Payable.... Wages Payable 3,600 Unearned Revenue... 9,000 Peyton Smith, Capital.. 1,750 Peyton Smith, Drawing 21,200 Fees Earned........ Music Expense... 3,610 Wages Expense.. 2,940 2,550 Office Rent Expense.. Advertising Expense.... 1,500 Equipment Rent Expense. 1.375 Utilities Expense. 1.215 925 Supplies Expense...... Insurance Expense Depreciation Expense.... 1.855 Miscellaneous Expense... 42,340 42.340 225 (Continued Completing the Accounting Cycle 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. 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. asive Problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The ac counting cycle for Kelly Consulting for April, including financial statements, was illustrated In this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500. 5. Received cash from clients on account, $2,450. Makovic Pest Control Service Worksheet September 20XX Trial Balance Debit Credit Adjustments Debit Credit Adj. Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Account Name Cash 1,560 Accounts Receivable 2,840 1000 1,200 Prepaid Rent Supplies 3.390 Equipment Accumulated Depr. - Equipt. 12,600 2,240 1,600 Accounts Payable Salary Payable 16,030 L. Makovic, Drawing 3,000 Service Revenue 7,300 Depreciation Expense Salary Expense Rent Expense Utilities Expense Hood 1,800 of 780 Supplies Expense Totals Net Income Adjustments: a) Earned $500 which is not recorded b) $400 of the Prepaid Rent expired this month c) Only $1,500 Supplies were on hand at the end of the month d) Our employees earned an additional $300 which was not recorded e) Our equipment is expenses at $ 250 per month GENERAL JOURNAL Date Account Name - PR or cr GENERAL LEDGER BALANCE SHEET ACCOUNTS INCOME STATEMENT ACCOUNTS Cash Accounts Payable 1,600 Bal Service Revenue 7,300 Depreciation Expense O Bal. 1,560 Bal. Bal. Bal. Accounts Receivable 2,840 Salary Payable 0 Salary Expense 1,800 Bal. Bal. Bal. Rent Expense Prepaid Rent 1,200 Bal. Bal. Supplies L. Makovic, Capital 16,030 Utilities Expense 780 Bal. 3,390 Bal. Bal. Post Closing Trial Balance Account Name Debit Credit Total 9 Problem Casheth 140 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 preparedi PS Music Adjusted Trial Balance July 31, 2019 Debit Credit Balances Balances 9,945 4,150 Accounts Receivable... 275 Supplies - Prepaid Insurance 2475 . 7,500 Office Equipment ... Accumulated Depreciation-office Equipment 8,350 Accounts Payable.... Wages Payable 3,600 Unearned Revenue... 9,000 Peyton Smith, Capital.. 1,750 Peyton Smith, Drawing 21,200 Fees Earned........ Music Expense... 3,610 Wages Expense.. 2,940 2,550 Office Rent Expense.. Advertising Expense.... 1,500 Equipment Rent Expense. 1.375 Utilities Expense. 1.215 925 Supplies Expense...... Insurance Expense Depreciation Expense.... 1.855 Miscellaneous Expense... 42,340 42.340 225 (Continued Completing the Accounting Cycle 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. 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. asive Problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The ac counting cycle for Kelly Consulting for April, including financial statements, was illustrated In this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500. 5. Received cash from clients on account, $2,450. Makovic Pest Control Service Worksheet September 20XX Trial Balance Debit Credit Adjustments Debit Credit Adj. Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Account Name Cash 1,560 Accounts Receivable 2,840 1000 1,200 Prepaid Rent Supplies 3.390 Equipment Accumulated Depr. - Equipt. 12,600 2,240 1,600 Accounts Payable Salary Payable 16,030 L. Makovic, Drawing 3,000 Service Revenue 7,300 Depreciation Expense Salary Expense Rent Expense Utilities Expense Hood 1,800 of 780 Supplies Expense Totals Net Income Adjustments: a) Earned $500 which is not recorded b) $400 of the Prepaid Rent expired this month c) Only $1,500 Supplies were on hand at the end of the month d) Our employees earned an additional $300 which was not recorded e) Our equipment is expenses at $ 250 per month GENERAL JOURNAL Date Account Name - PR or cr GENERAL LEDGER BALANCE SHEET ACCOUNTS INCOME STATEMENT ACCOUNTS Cash Accounts Payable 1,600 Bal Service Revenue 7,300 Depreciation Expense O Bal. 1,560 Bal. Bal. Bal. Accounts Receivable 2,840 Salary Payable 0 Salary Expense 1,800 Bal. Bal. Bal. Rent Expense Prepaid Rent 1,200 Bal. Bal. Supplies L. Makovic, Capital 16,030 Utilities Expense 780 Bal. 3,390 Bal. Bal. Post Closing Trial Balance Account Name Debit Credit Total