eBook Continuing Problem - Chapter 1, Part 1 Instructions Accounting Equation Grid > Instructions Peylon Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton has gained a local reputation for knowledge of music from classical to rap and the ability to put together sets of recordings that appeal to all ages During the last several months, Peyton served as a guest disc jockey on a local radio station. In addition, Peyton has entertained at several friends' parties as the host deejay On June 1, 2016. Peyton established a corporation known as PS Music. Using an extensive collection of music MP3 files. Peyton will serve as a disc jockey on a fee basis for weddings, college parties, and other events. During June, Peyton entered into the following transactions Jun 1 2 2 Deposited 54,000 in a checking account in the name of PS Music in exchange for common stock Received $3.500 from a local radio station for serving as the guest disc jockey for June Agreed to share office space with a local real estate agency. Pinnacle Realty, PS Music will pay one- fourth of the rent. In addition, PS Music agreed to pay a portion of the wages of the receptionist and to pay one-touth of the ulties Paid $800 for the rest of the office Purchased supplies from Cty Office Supply Co. for $350. Agreed to pay $100 within 10 days and the remainder by July 5, 2016 Paid $500 to a local radio station to advertise the services of PS Mugic twice daly for two weeks Paid 5675 to a local electronics store for renting digital recording equipment Paid $350 music expense) to Cool Music for the use of its current music domos to make various music 4 8 12 sets 13 Paid City Office Supply Co $100 on account Next) Instructions 13 16 22 25 29 30 30 Paid City Office Supply Co. $100 on account. Received $300 from a dentist for providing two music sets for the dentist to play for her patients. Served as disc jockey for a wedding party. The father of the bride agreed to pay $1,000 in July. Received $500 for serving as the disc jockey for a cancer charity ball hosted by the local hospital. Paid $240 (music expense) to Galaxy Music for the use of its library of music demos. Received $900 for serving as PS disc jockey for a local club's monthly dance. 30 Paid Pinnacle Realty $400 for PS Music's share of the receptionist's wages for June. Pald Pinnacle Realty $300 for PS Music's share of the utilities for June. Determined that the cost of supplies on hand is $170. Therefore, the cost of supplies used during the month was $180 30 Paid for miscellaneous expenses, $415. Pald $1,000 royalties (music expense) to National Music Clearing for use of various artists' music during the month. 30 Pald dividends, $500 I Required: 1. Indicate the effect of each transact and the balances after each transaction, using the grid provided. Part 2, a separate homework item, contains the remaining requirements. 30 30 1.1.3... RT.2.B... Continuing Problem Chapter 1 - Instruction #3 Refer to your answers from Chapter 1, Parts 1 and 2 to complete this part RTS ARTA Prepare a retained earnings statement for PS Music for the month ended June 30, 2016. If an amount is rero, enter in a fa net loss is incurred or there is a decrease in retained earnings, enter that amount as a negative number using a minus sign PS Music Retained Earnings Statement For the Month Ended June 30, 2018 Retained earnings, June 1, 2018 Net Income 1,340 Dividende 500 Change in retained earnings Retained earnings, June 30, 2018 TCM Partly come Chapter 1 - Instruction #4 Refer to your answers from Chapter 1, Parts 1 and 3 to complete this part. Prepare a balance sheet for PS Music as of June 30, 2018. PS Music Balance Sheet June 30, 2018 Assets Cash 3,920 Accounts Receivable 1,000 Supplies 170 $ 5,090 Total Assets Liabilities Accounts Payable 250 Stockholders' Equity Common stock Retained earnings Total stockholders' equity 4,840 Total liabilities and stockholders' equity 5,090 Feedback Check My Work Partially correct Check My Work XMX MWK bortxantxo assignments montando inwesigentescatoreste We a Track Moon Se Update ading CO COOL Accounting and Endinger og . -F Wil Oman Wagner Ch 00 - - -300 100 1.000 20 62000 Generaton * * C G Search or type URL Det 5 6 W R Y E T H return K G s TE D ? N shit M V X B Continuing Problem - Chapter 1, Part 2 Instructions Labels and Amount Descriptions Accounting Equation Grid Income Statement Accounting Equation Grid own in the following summary grid - Liabilities Stockholders' Equity upplies Accounts Payable Common Stock Dividends + Foss Music - Office Rent Equipment Advertising Wages Utilities - Supplies - Miscellaneous Eamed Expense Expense Rent Expense Expense Expense Expense Expense Expense 6.200 - 1,500 -800 - 675 - 500 - 400 - 300 - 415 Bal 570 250 4.000 - 500 - 180 Previous Next > Check My Work All work saved Emal instructor Save and Exit Submit Assignment for Grading eBook Continuing Problem - Chapter 1, Part 1 Instructions Accounting Equation Grid > Instructions Peylon Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton has gained a local reputation for knowledge of music from classical to rap and the ability to put together sets of recordings that appeal to all ages During the last several months, Peyton served as a guest disc jockey on a local radio station. In addition, Peyton has entertained at several friends' parties as the host deejay On June 1, 2016. Peyton established a corporation known as PS Music. Using an extensive collection of music MP3 files. Peyton will serve as a disc jockey on a fee basis for weddings, college parties, and other events. During June, Peyton entered into the following transactions Jun 1 2 2 Deposited 54,000 in a checking account in the name of PS Music in exchange for common stock Received $3.500 from a local radio station for serving as the guest disc jockey for June Agreed to share office space with a local real estate agency. Pinnacle Realty, PS Music will pay one- fourth of the rent. In addition, PS Music agreed to pay a portion of the wages of the receptionist and to pay one-touth of the ulties Paid $800 for the rest of the office Purchased supplies from Cty Office Supply Co. for $350. Agreed to pay $100 within 10 days and the remainder by July 5, 2016 Paid $500 to a local radio station to advertise the services of PS Mugic twice daly for two weeks Paid 5675 to a local electronics store for renting digital recording equipment Paid $350 music expense) to Cool Music for the use of its current music domos to make various music 4 8 12 sets 13 Paid City Office Supply Co $100 on account Next) Instructions 13 16 22 25 29 30 30 Paid City Office Supply Co. $100 on account. Received $300 from a dentist for providing two music sets for the dentist to play for her patients. Served as disc jockey for a wedding party. The father of the bride agreed to pay $1,000 in July. Received $500 for serving as the disc jockey for a cancer charity ball hosted by the local hospital. Paid $240 (music expense) to Galaxy Music for the use of its library of music demos. Received $900 for serving as PS disc jockey for a local club's monthly dance. 30 Paid Pinnacle Realty $400 for PS Music's share of the receptionist's wages for June. Pald Pinnacle Realty $300 for PS Music's share of the utilities for June. Determined that the cost of supplies on hand is $170. Therefore, the cost of supplies used during the month was $180 30 Paid for miscellaneous expenses, $415. Pald $1,000 royalties (music expense) to National Music Clearing for use of various artists' music during the month. 30 Pald dividends, $500 I Required: 1. Indicate the effect of each transact and the balances after each transaction, using the grid provided. Part 2, a separate homework item, contains the remaining requirements. 30 30 1.1.3... RT.2.B... Continuing Problem Chapter 1 - Instruction #3 Refer to your answers from Chapter 1, Parts 1 and 2 to complete this part RTS ARTA Prepare a retained earnings statement for PS Music for the month ended June 30, 2016. If an amount is rero, enter in a fa net loss is incurred or there is a decrease in retained earnings, enter that amount as a negative number using a minus sign PS Music Retained Earnings Statement For the Month Ended June 30, 2018 Retained earnings, June 1, 2018 Net Income 1,340 Dividende 500 Change in retained earnings Retained earnings, June 30, 2018 TCM Partly come Chapter 1 - Instruction #4 Refer to your answers from Chapter 1, Parts 1 and 3 to complete this part. Prepare a balance sheet for PS Music as of June 30, 2018. PS Music Balance Sheet June 30, 2018 Assets Cash 3,920 Accounts Receivable 1,000 Supplies 170 $ 5,090 Total Assets Liabilities Accounts Payable 250 Stockholders' Equity Common stock Retained earnings Total stockholders' equity 4,840 Total liabilities and stockholders' equity 5,090 Feedback Check My Work Partially correct Check My Work XMX MWK bortxantxo assignments montando inwesigentescatoreste We a Track Moon Se Update ading CO COOL Accounting and Endinger og . -F Wil Oman Wagner Ch 00 - - -300 100 1.000 20 62000 Generaton * * C G Search or type URL Det 5 6 W R Y E T H return K G s TE D ? N shit M V X B Continuing Problem - Chapter 1, Part 2 Instructions Labels and Amount Descriptions Accounting Equation Grid Income Statement Accounting Equation Grid own in the following summary grid - Liabilities Stockholders' Equity upplies Accounts Payable Common Stock Dividends + Foss Music - Office Rent Equipment Advertising Wages Utilities - Supplies - Miscellaneous Eamed Expense Expense Rent Expense Expense Expense Expense Expense Expense 6.200 - 1,500 -800 - 675 - 500 - 400 - 300 - 415 Bal 570 250 4.000 - 500 - 180 Previous Next > Check My Work All work saved Emal instructor Save and Exit Submit Assignment for Grading