I need solutions for continuing problem pg. 98-99 book Financial accounting 13e
Complete the 'Continuing Problem' on page 98-99 in the text...using the following modified instructions.
Modified Instructions:
1. Enter the July 1, 2014 account balances in the general ledger (file on Module 5 'page'). All accounts have normal balances. Verify the equality of the debit and credit balances in the ledger before proceeding with part 2.
2. Analyze and journalize each transaction in the general journal (file on Module 5 'page').
3. Post the journal to the ledger. Compute the ending balance of each T-account.
4. Prepare an unadjusted trial balance as of July 31, 2014.
2-Post the journal to the ledger.
I NEED:
Analyze and journalize each transaction in the general journal
Post the journal to the ledger.Compute the ending balance of each T-account.
g Problem cribed at the end of he second month of The transactions completed by PS Music during June 2016 were described Chapter 1. The following transactions were completed during July, the second the business's operations: July 1. Peyton Smith made an additional investment in PS Music in exchange for common stock by depositing $5,000 in PS Music's checking account 1. Instead of continuing to share office space with a local real estate agency Peyton decided to rent office space near a local music store. Paid rent for lule $1,750. 1. Paid a premium of $2,700 for a comprehensive insurance policy covering liabil ity, theft, and fire. The policy covers a one-year period. 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 records ment. 14. Paid wages of $1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal. July 16. Received $2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, $850. 21. Paid $620 to Upload Music for use of its current music demos in making vari- ous music sets. 22. Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for $2,500. Received $750, with the remainder due August 4, 2014. 27. Paid electric bill, $915. 28. Paid wages of $1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, $540. 30. Served as a disc jockey for a charity ball for $1,500. Received $500, with the remainder due on August 9, 2014. 31. Received $3,000 for serving as a disc jockey for a party. 31. Paid $1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Paid dividends of $1,250. PS Music's chart of accounts and the balance of accounts as of July 1, 2014 Call normal balances), are as follows: $3,920 1,000 170 $6,200 400 800 675 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 23 Unearned Revenue 31 Capital Stock 33 Dividends 41 Fees Earned 50 Wages Expense 51 Office Rent Expense 52 Equipment Rent Expense 53 Utilities Expense 54 Music Expense 55 Advertising Expense 56 Supplies Expense 59 Miscellaneous Expense 250 300 1,590 500 180 4,000 500 415 Instructions 1. Enter the July 1, 2014, account balances in the appropriate balance column of a four- column account. Write Balance in the Item column, and place a check mark in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate bal- ance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2014
