Continuing Problem - Chapter 4 Instructions Chart of Accounts Labels and Amount Descriptions Instructions The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the two months ended July 31, 2018, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared PS Music ADJUSTED TRIAL BALANCE ) July 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 9.945,00 2 Accounts Receivable 4.150.00 3 Supplies 275,00 Instructions Required: 1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet on a sheet of paper or using spreadsheet software, 2. Prepare an income statement, a retained earnings statement, and a balance sheet. 3. A. Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles, B. Post the closing entries. The income summary account is #34 in the ledger of PS Music Indicate closed accounts by inserting a 0 (zero) in either of the Balance columns opposite the closing entry No entry is required in the Item column 4. Prepare a post-closing trial balance For guidance in completing the financial statements, be sure to read the instructions above each statement carefully Ldges de criptions Income Statement Shaded cells have feedback. 2. Prepare an income statement. Refer to the Chart of Accounts and the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred, enter that amount as a negative number using a minus sign. A colon () will automatically appear if it is required. PS Music Score: 0/128 Income Statement Accounts payable 1 2 (Label) 2. Prepare a retained earnings statement. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner's equity, enter that amount as a negative number using a minus sign PS Music Score: 0/50 Retained Earnings Statement Cash 1 Accounts receivable $12,300.00 Balance Sheet Shaded cells have feedback. 2. Prepare a classified balance sheet. Refer to the Chart of Accounts and the Labels and Amount Descriptions list for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. "Less" or "Plus:" will automatically appear if it is required Question not attempted. PS Music Score: 0/157 Balance Sheet (Label) Assets 2 Label Joumal Shaded cells have feedback. 3. A. Journalize the closing entries. (Please note that pages 1, 2 and 3 show the transactions and adjusting entries that were recorded Refer to the Chart of Accounts for exact wording of account titles. How does grading work? PAGE 1 PA JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 1 Closing Entries 2 May 3 Cash 4,500.00 Continuing Problem - Chapter 4 Instructions Chart of Accounts Labels and Amount Descriptions Instructions The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the two months ended July 31, 2018, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared PS Music ADJUSTED TRIAL BALANCE ) July 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 9.945,00 2 Accounts Receivable 4.150.00 3 Supplies 275,00 Instructions Required: 1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet on a sheet of paper or using spreadsheet software, 2. Prepare an income statement, a retained earnings statement, and a balance sheet. 3. A. Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles, B. Post the closing entries. The income summary account is #34 in the ledger of PS Music Indicate closed accounts by inserting a 0 (zero) in either of the Balance columns opposite the closing entry No entry is required in the Item column 4. Prepare a post-closing trial balance For guidance in completing the financial statements, be sure to read the instructions above each statement carefully Ldges de criptions Income Statement Shaded cells have feedback. 2. Prepare an income statement. Refer to the Chart of Accounts and the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred, enter that amount as a negative number using a minus sign. A colon () will automatically appear if it is required. PS Music Score: 0/128 Income Statement Accounts payable 1 2 (Label) 2. Prepare a retained earnings statement. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner's equity, enter that amount as a negative number using a minus sign PS Music Score: 0/50 Retained Earnings Statement Cash 1 Accounts receivable $12,300.00 Balance Sheet Shaded cells have feedback. 2. Prepare a classified balance sheet. Refer to the Chart of Accounts and the Labels and Amount Descriptions list for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. "Less" or "Plus:" will automatically appear if it is required Question not attempted. PS Music Score: 0/157 Balance Sheet (Label) Assets 2 Label Joumal Shaded cells have feedback. 3. A. Journalize the closing entries. (Please note that pages 1, 2 and 3 show the transactions and adjusting entries that were recorded Refer to the Chart of Accounts for exact wording of account titles. How does grading work? PAGE 1 PA JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 1 Closing Entries 2 May 3 Cash 4,500.00
