From office rent expenses to misc. expenses I did not get the right answer. Please help thank you!
Continuing Problem Chapter 1 - Instruction #1 Peyton 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, 2045, 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: June Deposited $4,000 in a checking account in the name of PS Music in exchange for common stock. 1. 2. Received $3,500 from a local radio station for serving as the guest disc jockey for June. 2. 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-fourth of the utilities. Paid $800 for the rent of the office. 4. Purchased supplies from City Office Supply Co. for $350. Agreed to pay $100 within 10 days and the remainder by July 5, 2045. 6. Paid $500 to a local radio station to advertise the services of PS Music twice daily for two weeks. 8. Paid $675 to a local electronics store for renting digital recording equipment. 12. Paid $350 (music expense) to Cool Music for the use of its current music demos to make various music sets. 13. Paid City Office Supply Co. $100 on account. 16. Received $300 from a dentist for providing two music sets for the dentist to play for her patients. 22. Served as disc jockey for a wedding party. The father of the bride agreed to pay $1,000 in July. 25. Received $500 for serving as the disc jockey for a cancer charity ball hosted by the local hospital. 29. Paid $240 (music expense) to Galaxy Music for the use of its library of music demos. 30. Received $900 for serving as PS disc jockey for a local club's monthly dance. 30. Paid Pinnade Realty $400 for PS Music's share of the receptionist's wages for June. 30. Paid Pinnade Realty $300 for PS Music's share of the utilities for June. 30. 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. 30. Paid $1,000 royalties (music expense) to National Music Clearing for use of various artists' music during the month. 2 nd duro Required: Indicate the effect of each transaction and the balances after each transaction. Enter deductions and negative values (withdrawals and expenses) as negative numbers. For transactions occurring on the same date, enter in the order shown above. Assets = Liabilities + Stockholders' Equity Common Office Equip. Accounts Accounts Smith, Fees Music Rent Rent Advertising Wages Utilities Supplies Misc. Cash + Receivable + Supplies = Payable + Stock - Dividends + Earned - Exp. - Exp. Exp. - Exp. - Exp. Exp. Exp. - Exp. June 1 4,000 4,000 June 2 3,500 3,500 Bal. 7,500 June 4,000 3,500 2 -800 X 800 x Bal. 6,700 4,000 3,500 800 June 4 350 350 X Bal. 6,700 June 350 350 4,000 3,500 800 6 -500 X 500 X Bal. 6,200 350 350 4,000 3,500 800 500 x June 8 -675 675 350 350 4,000 3,500 800 675 500 Bal. 5,525 June 12 -350 350 350 350 Bal. 5,175 June 4,000 3,500 350 800 675 500 13 -100 -100 X Bal. 5,075 350 250 4,000 3,500 350 800 675 500 June 16 300 300 X Bal. 5,375 350 250 4,000 3,800 350 800 675 500 June 22 1,000 1,000 x X Bal. 5,375 1,000 350 250 4,000 4,800 350 800 675 500 June 25 500 500 X Bal. 5,875 1,000 350 250 4,000 5,300 350 800 675 500 June 29 -240 240 X 1,000 350 250 Bal. 5,635 June 4,000 5,300 90 800 500 Bal. 3,920 1,000 170 250 4,000 500 6,200 1,590 800 675 500 400 300 180 415 Feedback Check My Work Partially correct
