Continuing Problem - Chapter 4 Instructions Chart of Accounts Labels and Amount Descriptions Income Statement 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 DELIT CREDIT # Cash 9.945.00 2 Accounts Receivable 4.150.00 SU 275.00 Continuing Problem - Chapter 4 Chart of Accounts Labels and Amount Descriptions Income Statement Instructions 4 Prepaid Insurance 2,475.00 7,500.00 5 Office Equipment 6 Accumulated Depreciation Office Equipment 50.00 7 Accounts Payable 8,350.00 8 Wages Payable 140.00 9 Unearned Revenue 3,600.00 10 Common Stock 9,000.00 11 Dividends 1.750.00 12 Fees Earned 21.200.00 1 Wages Expense 7.940.00 14 Office Rent Expense 2.550,00 Continuing Problem - Chapter 4 Chart of Accounts Labels and Amount Descriptions Income Statement Instructions 15 Equipment Rent Expense 1,375.00 16 Utilities Expense 1,215.00 3,610.00 17 Music Expense 18 Advertising Expense 1,500.00 19 Supplies Expense 925.00 20 Insurance Expense 225.00 50.00 21 Depreciation Expense 22 Miscellaneous Expense 1.855.00 23 Totals 42.340.00 42.340.00 Chart of Accounts Labels and Amount Descriptions Income Statement Instructions 25 Totals 27450.00 42.54000 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