Book ISBN: 1111535221

Financial and Manengarial Accounting using excell for success

Question:

Continuing Problem Pg. 99-100.

The transaction completed by PS Music during June 2012 were described at the end of Chapter 1. The follwoing transaction where completed during July, the second monh of the business opperations:

July 1. Pat Sharp made an additional investment in PS Music in exchange for capital stock by depositing $4,000 in PS Musics checking account.

1. Instead of continuing to share office space with the local real estate agency, Pat decided to rent office space near a loca music store. Paid rent for July, $1,800.

1. Paid a Premium of $2,700 for a comprehensice insurance poly covering liabiity, theft, and fire. The policy covers a one year period.

2. REceived $1,250 on account.

3. On behave of PS Music, Pat signed a contract with a local radio station WHBD, to provide guest spots for the next 3 months the contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to WHBD at $40 per hr. An accordance with the contract, Pat recieved $7,200 from WHBD as an advanced payment for the next two moths.

3. Paid $250 on account.

4. Paid an attourney $800 for reviewing the July 3rd contract with WHBD. (Record as Miscellaneous Expense)

5. Purchased office equipment on account from One-Stop Office Mart, $6,000.

8. Paid for a news paper advertisment, $200.

11. Recieved $900 for serving as a disk jockey for a party.

13. Paid $600 to a local audio electronic store for rental of digital recording equipment.

14. Paid wages of $1,200 to receptionist and part-time assistant.

"Enter the following transactions on Page 2 of the two-collum journal"

16. Received $2,100 for serving as a disck jockey for a wedding reception.

18. Purchased supplies on account, $1,080

21. Paid $620 to Upload Music for use of its current music demons in making various music sets.

22. Paid $800 to a local radio station to advertise the servises of PS Music twice daily for the remainder of July.

23. Served as a disk jockey for a party, $2,500. Received $750, with the remainder due Aug. 4, 2012.

27. Paid electric bill, $760

28. Paid wages of $1,200 to receptionist and part-time assistant.

29. Paid miscellaneous expenses, $370.

30. Served as a disk jockey for a charity ball for $1,800. Receieved $400 with the remainder due on Aug. 9,2012.

31. Received $2,800 for seving as a disc jockey for a party.

31. Paid $1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July.

31. Paid dividens of $1,500.

"PS Music's charts of accounts and the balance of accounts as of July 1, 2012 (all normal balances), are as follows:"

11 Cash $5,310

12 Accounts REceivanle 1,250

14 Supplies 170

15 Prepaid Insurance -

17 Office Equipment -

21 Accounts Payable 250

23 Unearned Revenue -

31 Capital Stock 5,000

33 Dividends 500

41 Fees Earned 6,650

50 Wages Expenses 400

51 Office Rent Exoenses 750

52 Equipemtn Rent Expenses 700

53 Utilities Expenses 300

54 Music Expenses 1,590

55 Advertising Expenses 450

56 Supplies Expenses 180

59 Miscellaneous Expense 300

"Instructions"

2. Analyze and journalize each transaction in a two-collum journal beggining on Page 1, ommiting journal entry explanations.

I NEED:

Complete Instruction 2 only as modified below:

Using the information on page 55 (Journalizing), you are to analyze and journalize each transaction in a two-column journal beginning your journal on page 1, including journal entry explanations.