Dancin Music's chart of accounts and the balances as of May 1, 2012 (all normal balances), are as follows: 41 Revenues 50 Wages Expense 51 Office Rent Expense S2 Equipment Rental Expense 53 Utilities Expense 54 Music Expense 55 Advertising Expense 56 Supplies Expense 59 Miscellaneous Expense $ 9,160 $5,700 C 11 cash 12 Accounts Receivablep 1,350 . 170 1,000 800 15 Prepaid Insurance -17 Office Equipment 21 Accounts Payable 23 Unearned Revenue o 31 Capital Stock (Al Common) 10,000 1,340 300 Instructions 1. Enter the May 1, 2012 Accounts balances in the appropriate balance column of a four-column account. Write balance in Item column, and post a check (v) in the Posting reference Column. (Hint: Verify the equality of the debit ond credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal, (Do not insert the account Numbers in the journal at this time.) Journal entry explanations may be omitted. 3. Post the journal to a four-column ledger, extending the account balance to the appropriate Balance column after each posting. 4.Preparean unadjusted trial balance for May 31, 2012. The data needed to determine adjustments for the two-month period ending May 31, 2012, are a. During May, Dancin Music provided guest disk jockeys for KPRG for a total of 115 as follows: hours. For information on the amount of the accrued revenue to be billed to KRPG, see the contract described in May 3, 2012. b. Supplies on hand at May 31, $160 c. The balance of the prepaid insurance account relates to the May 1, 2012. d. Depreciation of the office equipment is $100. e. The balance of the revenue account relates to the contract between Dancin Music and KPRG, described in the May 3, 2012 f. Accrued wages as of May 31, 2012, were $200 g. Enter the unadjusted trial balance on a worksheet. h. Prepare adjusting journal entries. You will need the following additional accounts: 18 Accumulated Depreciation-Office Equipment 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense i. Post the adjusting entries, inserting balances in the accounts affected j. Prepare an adjusted trial balance Dancin Music's chart of accounts and the balances as of May 1, 2012 (all normal balances), are as follows: 41 Revenues 50 Wages Expense 51 Office Rent Expense S2 Equipment Rental Expense 53 Utilities Expense 54 Music Expense 55 Advertising Expense 56 Supplies Expense 59 Miscellaneous Expense $ 9,160 $5,700 C 11 cash 12 Accounts Receivablep 1,350 . 170 1,000 800 15 Prepaid Insurance -17 Office Equipment 21 Accounts Payable 23 Unearned Revenue o 31 Capital Stock (Al Common) 10,000 1,340 300 Instructions 1. Enter the May 1, 2012 Accounts balances in the appropriate balance column of a four-column account. Write balance in Item column, and post a check (v) in the Posting reference Column. (Hint: Verify the equality of the debit ond credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal, (Do not insert the account Numbers in the journal at this time.) Journal entry explanations may be omitted. 3. Post the journal to a four-column ledger, extending the account balance to the appropriate Balance column after each posting. 4.Preparean unadjusted trial balance for May 31, 2012. The data needed to determine adjustments for the two-month period ending May 31, 2012, are a. During May, Dancin Music provided guest disk jockeys for KPRG for a total of 115 as follows: hours. For information on the amount of the accrued revenue to be billed to KRPG, see the contract described in May 3, 2012. b. Supplies on hand at May 31, $160 c. The balance of the prepaid insurance account relates to the May 1, 2012. d. Depreciation of the office equipment is $100. e. The balance of the revenue account relates to the contract between Dancin Music and KPRG, described in the May 3, 2012 f. Accrued wages as of May 31, 2012, were $200 g. Enter the unadjusted trial balance on a worksheet. h. Prepare adjusting journal entries. You will need the following additional accounts: 18 Accumulated Depreciation-Office Equipment 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense i. Post the adjusting entries, inserting balances in the accounts affected j. Prepare an adjusted trial balance
