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I need help with continuing problem in chapter 2 pg 98 of Financial and Managerial Accounting 12th edition lance of $4,600, was omitted from the
I need help with continuing problem in chapter 2 pg 98 of Financial and Managerial Accounting 12th edition
lance of $4,600, was omitted from the trial balance. Instructions 1. Prepare a corrected unadjusted trial balance as of January 31, 2014 2.- Does the fact that the unadjusted trial balance in (1) is balanced mean there are no errors in the accounts? Explain. that Problem The transactions completed by PS Music during June Chapter 1. The following transactions were completed during July, the business's operations: 2014 were described at the end o the second month of July Peyton Smith made an additional investment in PS Music in exchange for capital stock by depositing $5,000 in PS Music's checking account. 1. 1. Instead of continuing to share office space with a local real estate agency, with a local real estate agency ded to rent office space near a local music store. Paid rent for July Peyton decided to rent office space near a $1,750 Paid a premium of $2,700 for a comprehensive insurance policy covering liabil- ity, theft, and fire. The policy covers a one-year period. 1. 2. Received $1,000 on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to KXMD at $40 per hour. In accordance with the contract, Peyton received $7,200 from KXMD as an advance payment for the first two months. 3. Paid $250 on account. 4. Paid an attorney $900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, $7,500. 8. Paid for a newspaper advertisement, $200. 11. Received $1,000 for serving as a disc jockey for a party 13. Paid $700 to a local audio electronics store for rental of digital recording equip- ment. 14. Paid wages of $1,200 to receptionist and part-time assistant Step by Step Solution
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