Continuing Problem

Chapter $1-$ Instruction #$4$

Refer to your answers from Chapter $1,$ Parts $1$ and $3$ to complete this part.

Prepare a balance sheet for PS Music as of June $30,20Y5.$

PS Music

Balance Sheet

June $30,20Y5$

Assets

$

Total Assets

Liabilities

Stockholders' Equity

Total stockholders' equity

Total liabilities and stockholders' equity

$$ Continuing ProblemContinuing Problem

Chapter $1-$ Instruction #$3$

Refer to your answers from Chapter $1,$ Parts $1$ and $2$ to complete this part.

PS Music

Statement of Stockholders' Equity

For the Month Ended June $30,20$Y$5$

For the Month Ended June $30,20$Y$5$

Chapter $1-$ Instruction #$1$

During the last several months, Peyton served as a guest disc jockey on a local radio station. In addition, Peyton has entertained at several friends' parties as the host deejay.

June $1.$ Deposited $$4,000$ in a checking account in the name of PS Music in exchange for common stock.

June $2.$ Received $$3,500$ from a local radio station for serving as the guest disc jockey for June.

June $2.$ Agreed to share office space with a local real estate agency, Pinnacle Realty. PS Music will pay one$-$fourth of the rent. In addition, PS Music agreed to pay a portion of the wages of the

receptionist and to pay one$-$fourth of the utilities. Paid $$800$ for the rent of the office.

June $4.$ Purchased supplies from City Office Supply Co$.$ for $$350.$ Agreed to pay $$100$ within $10$ days and the remainder by July $5,20$ Y$5.$

June $6.$ Paid $$500$ to a local radio station to advertise the services of PS Music twice daily for two weeks.

June $8.$ Paid $$675$ to a local electronics store for renting digital recording equipment.

June $12.$ Paid $$350($music expense$)$ to Cool Music for the use of its current music demos to make various music sets.

June $13.$ Paid City Office Supply Co$.$ $$100$ on account.

June $16.$ Received $$300$ from a dentist for providing two music sets for the dentist to play for her patients.

June $22.$ Served as disc jockey for a wedding party. The father of the bride agreed to pay $$1,000$ in July.

June $25.$ Received $$500$ for serving as the disc jockey for a cancer charity ball hosted by the local hospital.

June $29.$ Paid $$240($music expense$)$ to Galaxy Music for the use of its library of music demos.

June $30.$ Received $$900$ for serving as PS disc jockey for a local club's monthly dance.

June $30.$ Paid Pinnacle Realty $$400$ for PS Music's share of the receptionist's wages for June.

June $30.$ Paid Pinnacle Realty $$300$ for PS Music's share of the utilities for June.

June $30.$ Determined that the cost of supplies on hand is $$170.$ Therefore, the cost of supplies used during the month was $$180.$

June $30.$ Paid for miscellaneous expenses, $$415.$

June $30.$ Paid $$1,000$ royalties $($music expense$)$ to National Music Clearing for use of various artists' music during the month.

June $30.$ Paid dividends, $$500.$

Required: