Instructions The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the two months ended July 31, 2018, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared: PS Music ADJUSTED TRIAL BALANCE July 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 9,945.00 2 Accounts Receivable 4,150.00 3 Supplies 275.00 4 Prepaid Insurance 2,475.00 w Office Equipment 7,500.00 6 Accumulated Depreciation Office Equipment 50.00 7 Accounts Payable 8,350.00 8 Wages Payable 140.00 9 Unearned Revenue 3,600.00 10 Common Stock 9,000.00 11 Dividends 1,750.00 12 Fees Earned 21,200.00 13 Wages Expense 2,940.00 13 Wages Expense 2,940.00 2,550.00 14 Office Rent Expense 15 Equipment Rent Expense 16 Utilities Expense 1,375.00 1,215.00 17 Music Expense 3,610.00 1,500.00 925.00 18 Advertising Expense 19 Supplies Expense 20 Insurance Expense 21 Depreciation Expense 225.00 50.00 22 Miscellaneous Expense 1,855,00 23 Totals 42,340.00 42,340.00 Required: 1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet on a sheet of paper or using spreadsheet software. 2. Prepare an income statement, retained earnings statement, and a balance sheet." 3. A. Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. B. Post the closing entries. The income summary account is #34 in the ledger of PS Music. Indicate closed accounts by inserting a 0 (zero) in either of the Balance columns opposite the closing entry. No entry is required in the Item column. 4. Prepare a post-closing trial balance. * For guidance in completing the financial statements, be sure to read the instructions above each statement carefully. Retained Earnings Statement Shaded cells have feedback. 2. Prepare a retained earnings statement. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner's equity, enter that amount as a negative number using a minus sign. PS Music Score: 19/50 Retained Earnings Statement (Label) $0.00 2 Net income $4,955.00 3 4,955.00 4 Dividends (1,750.00) 5 Retained earnings, July 31, 2018 $3,205.00 Points: 4.18/11 Journal 3. A. Journalize the closing entries. (Please note that pages 1, 2, and 3 show the transactions and adjusting entries that were recorded in Continuing Problems 2 and 3.) Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 PAGE 2 PAGE 3 PAGE 4 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 27,200.00 1 Jan. 04 Depreciation Expense Cash 3 27,200.00 + 4 Nov.02 Supplies Expense 630.00 + 5 Cash 630.00 + 6 13,600.00 + Dec. 31 Depreciation Expense Accumulated Depreciation Office Equipment 7 13,600.00 8 Jan.06 Depreciation Expense 49,250.00 + 9 Cash 49,250.00 + 10 Apr. 01 Cash 14,670.00 1 11 Depreciation Expense 1,700.00 + 12 Accumulated Depreciation Office Equipment 13,600.00 1 13 Fees Earned 2,770.00 1 14 Depreciation Expense 27,200.00 1 JOURNAL ACCOUNTING EQUATION DATE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Closing Entries Jan. 04 Depreciation Expense 27,200.00 Cash 27,200.00 Nov. 02 Supplies Expense 630.00 + 5 Cash 630.00 Dec. 31 13,600.00 1 Depreciation Expense Accumulated Depreciation Office Equipment Depreciation Expense 13,600.00 + 3 Jan. 06 49,250.00 + Cash 49,250.00 + 10 Apr. 01 Cash 14,670.00 f 11 Depreciation Expense 1,700.00 1 12 Accumulated Depreciation Office Equipment 13,600.00 1 13 Fees Earned 2,770.00 1 Depreciation Expense 27,200.00 + 15 Jun 11 Supplies Expense 450,00 + 16 Cash 450.00 17 19,700.00 1 Dec. 31 Depreciation Expense Accumulated Depreciation Office Equipment 18 19,700.00 + 3. B. Post the closing entries. The income summary account is #34 in the ledger of PS Music. Indicate closed accounts by inserting a 0 (zero) in either of the Balance columns opposite th closing entry. Do not put an entry in the "Item" column. LEDGER Account: Cash Account No. 11 Account No. 12 Account No. 14 Account No. 15 Account: Accounts Receivable Account: Supplies Account: Prepaid Insurance Account: Office Equipment Account: Accumulated Depreciation Office Equipment Account: Accounts Payable Account: Wages Payable Account No. 17 Account No. 18 Account No. 21 Account No. 22 Account: Unearned Revenue Account No. 23 Account: Common Stock Account No. 31 Account: Retained Earnings Account No. 32 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Jul. 1 0.00 2 31 4,955.00 4,955.00 Account: Dividends Account No. 33 Account: Income Summary Account No. 34 3. B. Post the closing entries. The income summary account is #34 in the ledger of PS Music. Indicate closed accounts by inserting a 0 (zero) in either of the Balance columns opposite ti Closing entry. Do not put an entry in the "Item" column. LEDGER Account: Cash Account No. 11 Account: Accounts Receivable Account No. 12 Account: Supplies Account No. 14 Account No. 15 Account: Prepaid Insurance Account: Office Equipment Account No. 17 Account No. 18 Account: Accumulated Depreciation Office Equipment Account: Accounts Payable Account: Wages Payable Account No. 21 Account No. 22 Account: Unearned Revenue Account No. 23 Account: Common Stock Account No. 31 Account: Retained Earnings Account No. 32 Account: Dividends Account No. 33 Account: Income Summary Account No. 34 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Jul. 1 31 3