journal entries

June 1. Deposited $4,000 in a checking account in the name of PS Music.

June 2. Received $3,500 from a local radio station for serving as the guest disc jockey for June.

June 2. Agreed to share office spare with 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 salary of the receptionist and to pay one-fourth of the utilities. Paid $800 for the rent of the office.

June 4. Purchased supplies from City Office Supply Co. for $350. Agreed to pay $100 within 10 days and the remainder by July 5, 2014.

June 6. Paid $500 to a local radio station to advertise the services of PS Music twice daily for two weeks.

June 8. Paid $675 to a local electronics store for renting digital recording equipment.

June 12. Paid $350 (music expense) to Cool Music for the use of its current music demos to make various music sets.

June 13. Paid City Office Supply Co. $100 on account.

June 16. Received $300 from a dentist for providing two music sets for the dentist to play for her patients.

June 22. Served as disc jockey for a wedding party. The father of the bride agreed to pay $1,000 in July.

June 25. Received $500 for serving as the disc jockey for a cancer charity ball hosted by the local hospital.

June 29. Paid $240 (music expense) to Galaxy Music for the use of its library music demos.

June 30. Received $900 for serving as PS disc jockey for a local club's monthly dance.

June 30. Paid Pinnacle Realty $400 for PS Music's share of the receptionist's salary for June.

June 30. Paid Pinnacle Realty $300 for PS Music's share of the utilities for June.

June 30. Determined that the cost of supplies on hand is $170. Therefore, the cost of supplies used during the month was $180.

June 30. Paid for miscellaneous expenses, $415.

June 30. Paid $1,000 royalties (music expense) National Music Clearing for the use of various artists' music during the month.

June 30. Withdrew $500 of cash from PS Music for personal use.