Chapter 2 Analyzing Transactions Enter the following transactions on Page 2 of the two coumn journal Jul 16, Received $2,000 for serving as a disc jockey for a wedding reception. B. Purchased supplies on account, $850 21, Paid s620 to Upload Music for use of its current music demos in making vari- CHIS MUsic sets 22. Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July Served as disc jockey for a party for $2,50o. Received $750, with the remainder due August 4, 2016 27. Paid electric bill, $915 29, Paid miscellaneous expenses. $ 30. Served as a disc jockey for a charity ball for $1,500. Received $500, with the id wages of $1,200 to receptionist and part-time assistant. 540 remainder due on August 9, 2016 31. Received $3,000 for serving 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. Withdrew $1,250 cash from PS Music for personal use PS Music's chart of accounts and the balance of accounts as of July 1, 2016 (all normal balances), are as follows: 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 23 Unearned Revenue 31 Peyton Smith, Capital 32 Peyton Smith, Drawing 41 Fees Earned 50 Wages Expense 51 Office Rent Expense 52 Equipment Rent Expense 53 Utilities Expense 54 Music Expense 55 Advertising Expense 56 Supplies Expense 59 Miscellaneous Expense 3,920 ,000 $6,200 400 800 675 300 590 500 180 250 4,000 500 Instructions 1. Enter the July 1, 2016, account balances in the appropriate balance column of a four- column account. Write Ralance in the tem column, and place a check mark in the Posting Reference column. Hin: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page I 3. Post the journal to the ledger, extending the account balance to the appropriate bal 4. Prepare an unadjusted trial balance as of July 31, 2016. omitting journal entry explanations ance column after each posting Cases & Projects al conduct in business Ethics and profession month, Gil Frank prepared a trial balance for College App Ser exceeds the debit side by a significant amount. expense ac reparation of the current month's financial statements by will look for the difference next week when he has more time of the trial balance dd the difference to the balance of the miscellaneous The cre decided whether Gil is ehaving in a professional manner