Continuing Problem Chapter 4-Instruction #3 Post the closing entries completed in Chapter 4 Part 2 to the ledgers in the spreadsheet you saved in Chapter 3 Part 2. Extend the account balance to the appropriate balance column after each posting. Be sure to save your work in the spreadsheet.

Continuing Problem Chapter 4-Instruction #2 Journalize the closing entries. Include Posting References, using the account numbers in your spreadsheet. Refer to your answers from Chapter 4, Part 1 to complete this part. If an amount box does not require an entry, leave it blank. DATE ACCOUNT POST. REF. July 31 Fees Earned CREDIT DEBIT 21,200 C Wages Expense Office Rent Expense Equipment Rent Expense Utilities Expense Music Expense Advertising Expense 2,940 2,550 1,375 1,215 3,610 1,500 925 225 50 1,855 4,955 Supplies Expense Insurance Expense Depreciation Expense Miscellaneous Expense Peyton Smith, Capital POST. REF. CREDIT DATE July 31 V ACCOUNT Peyton Smith, Capital DEBIT 1,750 Peyton Smith, Drawing 1,750 Continuing Problem Chapter 4-Instruction #1 The adjusted trial balance of PS Music as of July 31, 2019 is shown below: PS Music Adjusted Trial Balance July 31, 2019 Debit Credit Balances Balances Cash Accounts Receivable Supplies 9,945 4,150 275 2,475 7,500 Prepaid Insurance Office Equipment Accumulated Depreciation Office Equipment 50 8,350 140 Accounts Payable Wages Payable Unearned Revenue Peyton Smith, Capital 3,600 9,000 1,750 Peyton Smith, Drawing Fees Earned Music Expense 21,200 3,610 Wages Expense Office Rent Expense Advertising Expense 2,940 2,550 1,500 1,375 1,215 Equipment Rent Expense Utilities Expense Supplies Expense Insurance Expense Depreciation Expense Miscellaneous Expense 1,855 42,340 42,340 b. Prepare a statement of owner's equity for the two months ended July 31, 2019. (Note: Peyton Smith made investments in PS Music on June 1 and July 1, 2019.) If an amount is zero, enter in a "o". PS MUSIC Statement of Owner's Equity For the Two Months Ended July 31, 2019 Peyton Smith, capital, June 1, 2019 V 9,000 x Investments during the two months Net Income 4,955 4,955 x Withdrawals 1,750 Increase in Owner's Equity 3,205 x Peyton Smith, capital, July 31, 2019 12, 205 c. Prepare a balance sheet as of July 31, 2019. PS MUSIC Balance Sheet July 31, 2019 Assets Current Assets: Cash 9,945 Accounts Receivable Supplies 4,150 275 2,475 Prepaid Insurance Total Current Assets 16,845 Property, Plant and Equipment: Office Equipment 7,500 Less Accumulated Depreciation 50 Total Property, plant and Equipment 7,450 Total Assets 24,295 Liabilities Current Liabilities: Accounts Payable 8,350 Wages Payable 140 3,600 Unearned Revenue Total Liabilities 12,090 Owner's Equity Peyton Smith, capital 12,205 Total Liabilities and Owner's Equity 24,295 CONTINUING PROBLEM - The following ledger accounts appear below, in this order: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Office Equipment, Accumulated Depreciation - Office Equipment, Accounts Payable, Wages Payable, Unearned Revenue, Peyton Smith, Capital, Peyton Smith, Drawing, and Income Summary - Beginning balances from the textbook have already been entered. - The remaining accounts are found on the next page. An asterisk (*) will appear in the column to the right of an incorrect amount. LEDGERS - Balance Sheet accounts Cash Balance Date Ref. Dr. Cr. Dr. 5,000 1,750 2,700 1,000 7,200 900 200 1,000 2019 7/1 Balance 7/1 Peyton Smith, Capital 7/1 Office Rent Expense 7/1 Prepaid Insurance 7/2 Accounts Receivable 7/3 Unearned Revenue 7/3 Accounts Payable 7/4 Miscellaneous Exense 7/8 Advertising Expense 7/11 Fees Earned 7/13 Equipment Rent Expense 1 7/14 Wages Expense 7/16 Fees Earned 7/21 Music Expense 7/22 Advertising Expense 7/23 Fees Earned 7/25 Utilities Expense 7/28 Wages Expense 7/29 Miscellaneous Exense 7/30 Fees Earned 7/31 Fees Earned 7/31 Music Expense 7/31 Peyton Smith, Drawing 700 1,200 3,920 8,920 7,170 4,470 5,470 12,670 12,420 11,520 11,320 12,320 11,620 10,420 12,420 11,800 11,000 11,750 10,835 9,635 9,095 9,595 12,595 11,195 9,945 2,000 620 800 750 915 1,200 540 500 3,000 1,400 1,250 Accounts Receivable 121 Post Ref. - Date Item Dr. Cr. Balance Cr. Dr. 1,000 1,000 7/1 Balance 7/2 Cash 7/23 Fees Earned 7/30 Fees Earned 1,750 1,000 1,750 2,750 | Supplies | Date Post Balance Item Ret Dr. cr. Dr. Cr. 7/1 Balance 7/18 Supplies 850 170 1,020 Prepaid Insurance | Date Item Ref. Dr. Cr. Dr. Balance 7/1 Cash 2,700 Office Equipment Post Balance Date Item Cr. Dr. Ref. | 1 Dr. 7,500 7/5 Cash 7,500 Accumulated Depreciation - Office Equipment Post Date Item Ref. Dr. Cr. Balance Dr. Cr. Accounts Payable Post Balance Date Item Ref. Dr. cr. Dr. Cr. 250 7/1 Balance 7/3 Cash 7/5 Office Equpment 7/18 Supplies 250 7,500 850 7,500 8,350 Wages Payable 22 Post Ref. Date Date Item Balance Dr. Dr. Cr Unearned Revenue 23 Post Balance Date Item Ret Dr. cr. Dr. Cr. 7/3 Cash 7,200 7,200 31 Peyton Smith, Capital Date - Item Post Balance Ref. Dr. cr. Dr. Cr. 7/1 Balance 7/1 Cash 4,000 9,000 5,000 Unearned Revenue Post Balance Date - Item Ret: Dr. cr. Dr. Cr. 7/3 Cash 7,200 7.200 Peyton Smith, Capital Post Balance Date Item Ref. Dr. Cr. Dr. 7/1 Balance 7/1 Cash 4,000 9,000 5,000 Peyton Smith, Drawing Post Balance Date Item Ref. Dr. Cr. - Dr. 7/1 Balance 7/31 Cash 500 1,750 1,250 CONTINUING PROBLEM - The following ledger accounts appear below, in this order Fees Earned, Wages Expense, Office Rent Expense, Equipment Rent Expense, Utilities Expense, Music Expense, Advertising Expense, Supplies Expense, Insurance Expense, Depreciation Expense, and Miscellaneous Expense - Beginning balances from the textbook have already been entered. - The remaining accounts are found on the next page. An asterisk (*) will appear in the column to the right of an incorrect amount. LEDGERS - Income Statement accounts Fees Earned 41 Post Balance Date Item Rest Dr. cr. Dr. Cr. 7/1 Balance 7/11 Cash 7/16 Cash 7/23 Accounts Receivable 7/30 Accounts Receivable 7/31 Cash 1,000 2,000 2,500 1,500 3,000 6,200 7,200 9,200 11,700 13,200 16,200 Wages Expense Post Balance Date Item Ret Dr. cr. Dr. 7/1 Balance 7/14 Cash 7/28 Cash N=_ 200 400 1,600 2,800 1.200 Music Expense Balance Post Ref. Date Item Dr. Cr. Dr. 7/1 Balance 7/21 Music Expense 7/31 Music Expense 620 1,400 1,590 2,210 3,610 Advertising Expense Post Date Balance Dr. Item Ref. Dr. Cr. 7/1 Balance 7/8 Advertising Expense 7/22 Advertising Expense 200 800 500 700 1,500 Supplies Expense 56 Post Balance Date Item Ret Dr. cr. Dr. Cr. 7/1 Balance 180 Insurance Expense Post Balance Date Item Ref. Dr. Cr. Dr. Cr. Depreciation Expense Date Item Post Ref. Dr. Cr. Balance Dr. Cr. Miscellaneous Expense Post Date Item Ref. Balance Dr. Cr. Dr. 7/1 Balance 7/4 Miscellaneous Expense 7/29 Miscellaneous Expense 1 2 San 415 1,315 1,855