July 31: During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. The contract requires PS Music to provide a guest disc jockey for 80 hours pe month for a monthly fee of $3,600, which PS Music has already received payment for. Any additional hours beyond 80 will be billed to KXMD at $40 per hour Account Post. Ref Debit Credit Accounts Receivable 1,400 Fees Earned 1,400 July 31: Supplies on hand at July 31, $275 Account Post. Ref. Debit Credit Supplies Expense 745 Supplies 745 July 31: The balance of the prepaid insurance account relates to the following July 1, 2019 transaction: "Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period." Account Post. Ref Debit Credit Insurance Expense 57V 225 V Prepaid Insurance 225