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Continuing Problem Chapter 1 - Instruction # 4 Refer to your answers from Chapter 1 , Parts 1 and 3 to complete this part. Prepare
Continuing Problem
Chapter Instruction #
Refer to your answers from Chapter Parts and to complete this part.
Prepare a balance sheet for PS Music as of June
PS Music
Balance Sheet
June
Assets
$
Total Assets
Liabilities
Stockholders' Equity
Total stockholders' equity
Total liabilities and stockholders' equity
Continuing ProblemContinuing Problem
Chapter Instruction #
Refer to your answers from Chapter Parts and to complete this part.
PS Music
Statement of Stockholders' Equity
For the Month Ended June Y
For the Month Ended June Y
Chapter Instruction #
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 Deposited $ in a checking account in the name of PS Music in exchange for common stock.
June Received $ from a local radio station for serving as the guest disc jockey for June.
June Agreed to share office space with a local real estate agency, Pinnacle Realty. PS Music will pay onefourth of the rent. In addition, PS Music agreed to pay a portion of the wages of the
receptionist and to pay onefourth of the utilities. Paid $ for the rent of the office.
June Purchased supplies from City Office Supply Co for $ Agreed to pay $ within days and the remainder by July Y
June Paid $ to a local radio station to advertise the services of PS Music twice daily for two weeks.
June Paid $ to a local electronics store for renting digital recording equipment.
June Paid $music expense to Cool Music for the use of its current music demos to make various music sets.
June Paid City Office Supply Co $ on account.
June Received $ from a dentist for providing two music sets for the dentist to play for her patients.
June Served as disc jockey for a wedding party. The father of the bride agreed to pay $ in July.
June Received $ for serving as the disc jockey for a cancer charity ball hosted by the local hospital.
June Paid $music expense to Galaxy Music for the use of its library of music demos.
June Received $ for serving as PS disc jockey for a local club's monthly dance.
June Paid Pinnacle Realty $ for PS Music's share of the receptionist's wages for June.
June Paid Pinnacle Realty $ for PS Music's share of the utilities for June.
June Determined that the cost of supplies on hand is $ Therefore, the cost of supplies used during the month was $
June Paid for miscellaneous expenses, $
June Paid $ royalties music expense to National Music Clearing for use of various artists' music during the month.
June Paid dividends, $
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