Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chapter 3 The Adjusting Process Continuing Problem The unad usted trial balance that you prepared for PS Music at the end of Chapter ) Total

image text in transcribed
Chapter 3 The Adjusting Process Continuing Problem The unad usted trial balance that you prepared for PS Music at the end of Chapter ) Total of Debit column: $42,340 i should appear as follows PS Music Unadjusted Trial Balance July 31, 2019 AccountDebit Credit No. Balances Balances Ledger 9,945 2,750 1,020 2.700 7,500 12 Cash Accounts Receivable. Supplies Prepaid Insurance. Office Equipment Accounts Payable Unearned Revenue Peyton Smith, Capital Peyton Smith, Drawing 15 17 8,350 7.200 9,000 31 32 41 50 1,750 Wages Expense Office Rent Expense Equipment Rent Expense . Utilities Expense Music Expense Advertising Expense. Supplies Expense. 51 200 16200 52 53 34 2,550 1,375 1,215 3,610 1,500 180 59 1855 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 Chapter 3 The Adjusting Process Continuing Problem The unad usted trial balance that you prepared for PS Music at the end of Chapter ) Total of Debit column: $42,340 i should appear as follows PS Music Unadjusted Trial Balance July 31, 2019 AccountDebit Credit No. Balances Balances Ledger 9,945 2,750 1,020 2.700 7,500 12 Cash Accounts Receivable. Supplies Prepaid Insurance. Office Equipment Accounts Payable Unearned Revenue Peyton Smith, Capital Peyton Smith, Drawing 15 17 8,350 7.200 9,000 31 32 41 50 1,750 Wages Expense Office Rent Expense Equipment Rent Expense . Utilities Expense Music Expense Advertising Expense. Supplies Expense. 51 200 16200 52 53 34 2,550 1,375 1,215 3,610 1,500 180 59 1855 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Modeling

Authors: Simon Benninga

3rd Edition

0262026287, 9780262026284

More Books

Students also viewed these Accounting questions

Question

What are the short- and long-term effects of stress on the body?

Answered: 1 week ago

Question

Describe the linkages between HRM and strategy formulation. page 80

Answered: 1 week ago