Continuing Problem 2. Net income: $4,955 The unadjusted trial balance of PS Music as of July 31, 2045, along with the adjustment data for the two months ended July 31, 2045, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared: Credit Balances Debit Balances 9,945 4,150 275 2,475 7,500 PS Music Adjusted Trial Balance July 31, 2015 Account No. Cash 11 Accounts Receivable. 12 Supplies 14 Prepaid Insurance 15 Office Equipment 17 Accumulated Depreciation--Office Equipment. 18 Accounts Payable 21 Wages Payable.... 22 Unearned Revenue. 23 Common Stock 31 Dividends 33 Fees Earned. 41 Music Expense 54 Wages Expense 50 Office Rent Expense 51 Advertising Expense.. 55 Equipment Rent Expense 52 Utilities Expense 53 Supplies Expense. 56 Insurance Expense 57 Depreciation Expense 58 Miscellaneous Expense 59 50 8,350 140 3,600 9,000 1,750 21,200 3,619 2,940 2,550 1,500 1,375 1.215 925 225 50 1,855 42,340 42,340 Instructions 1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet. 2. Prepare an income statement, a statement of stockholders' equity, and a balance sheet. 3. Journalize and post the closing entries. The retained earnings account is *32 in the ledger of PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 4. Prepare a post-closing trial balance