ontinuing Problem 2. Net income: $4,955 The unadjusted trial balance of PS Music as of July 31, 2045, along with the adjustment data for the two months ended July 31, 2045, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared: PS Music Adjusted Trial Balance July 31, 2015 Account Debit Credit No. Balances Balances Cash 9.945 Accounts Receivable. 12 4,150 Supplies.. 14 275 Prepaid Insurance 15 2.475 Office Equipment 17 7.500 Accumulated Depreciation--Office Equipment. 18 50 Accounts Payable 21 8,350 Wages Payable 22 140 Unearned Revenue. 23 3,600 Common Stock 31 9,000 Dividends 33 1.750 Fees Earned. 41 21,200 Music Expense 54 3,610 Wages Expense 2,940 Office Rent Expense 51 2,550 Advertising Expense. 55 1,500 Equipment Rent Expense 52 1,375 Utilities Expense 53 1.215 Supplies Expense. 56 925 Insurance Expense 57 225 Depreciation Expense 58 50 Miscellaneous Expense 59 1,855 42.340 42,340 Instructions 1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet. 2. Prepare an income statement, a statement of stockholders' equity, and a balance sheet. 3. Journalize and post the closing entries. The retained earnings account is 32 in the ledger of PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry 4. Prepare a post-closing trial balance