Continuing Problem Chapter 2-Instruction #1

Save a copy of the spreadsheet by clicking on the "Spreadsheet" here. You will need this completed spreadsheet for the remaining parts of this Continuing Problem. Be sure to save the spreadsheet in a safe place for future use.

PS Music's chart of accounts and the balance of accounts as of July 1, 20Y9 (all normal balances), are as follows:

11	Cash	$3,920		41	Fees Earned	$6,200
12	Accounts Receivable	1,000		50	Wages Expense	400
14	Supplies	170		51	Office Rent Expense	800
15	Prepaid Insurance			52	Equipment Rent Expense	675
17	Office Equipment			53	Utilities Expense	300
21	Accounts Payable	250		54	Music Expense	1,590
23	Unearned Revenue			55	Advertising Expense	500
31	Peyton Smith, Capital	4,000		56	Supplies Expense	180
32	Peyton Smith, Drawing	500		59	Miscellaneous Expense	415

Required:

Review the spreadsheet and notice that the July 1, 20Y9, account balances have been entered in the appropriate balance column of the four-column accounts. The word Balance has been entered in the Item column, and a check mark () has been entered in the Posting Reference column.