PART A RECORDING BUSINESS TRANSACTIONS Peyton Sawyer enjoys listening to all types of music. Over the years, Peyton has gained a local reputation for knowledge of music from classical to rap and the ability to put together sets of recordings that appeal to all ages. On 1 January 2022, Peytan established a proprietorship known Tree Hill Music. Using an extensive collection of music, Peyton serves as a DJ and provides music playlists on a fee basis for weddings, parties, and other events. Below are the account balances for Tree Hill Music as of 31 October 2022: RM Cach Accounts Receivable Supplies 9,945 4,150 275 Prepaid Insurance 2,475 Office Equipment 7,500 Accumulated Depreciation - OE 50 Accounts Payable 8,350 Unearned Fees 3,600 Wages Payable 140 Capital 12.205 During November, Peyton entered into the following transactions: Nov 2 Received RM3,500 from a local radio station for serving as the guest DJ for the month of November. 2. Paid RM800 for the rent of the office. 4. Purchased supplies from City Office Supply Sdn. Bhd for RM350. Agreed to pay RM100 within 10 days and the remainder by 3 December 2022 6. Paid RM500 to a local radio station to advertise the services of Tree Hill Music twice daily for two weeks. 8. Paid RM675 to a local electronics store for renting digital recording equipment. 12 13. Paid RM350 (music expense) to Cool Music for the use of its current music demos to make various music sets. Paid City Office Supply Sdn Bhd RM100 on account. 16. Received RM300 from a dentist for providing two music sets for the dentist to play for her patients. 22 Served as a DJ for a wedding party. The father of the bride agreed to pay RM1,000 in December 25. Received RM500 for serving as the D. for a cancer charity ball hosted by the local hospital 29. Paid RM240 (music expense) to Galaxy Music for the use of its library of music demos 30. Received RM900 for serving a DJ for a local club's monthly dance. 31. Paid RM400 for the receptionists wages for November 32 Paid RM300 for the ptilities for the month 33. Determined that the cost of supplies on hand is RM170 34 Paid for miscellaneous expenses. [415 35. PRM,000 royalties (on sic expense) to National Music for use of various antics' music during the mouth 36. Withdrew RM500 of cash from Tree Hill Music for personal use. On 30 November 2022, these additional data were assembled for the adjustment: (a) The balance of the prepaid insurance account is RM2,250. (b) Depreciation of the office equipment is RM50. The balance of the unearned revenue account is fully earned (d) Acamed wages as of 30 November 2022 were RM160. During December, Peyton entered into the following transactions: Dec 1. Peyton Sawyer made an additional investment in Tree Hill Music by depositing RM5,000 in Tree Hill Music's current account 1. Peyton decided to rent a new office space near a local music store. Paid rent for December, RM1,750. 2. Received RM1,000 cash from customers on account. 3. On behalf of Tree Hill Music, Peyton signed a contract with a local radio station, EXMD, for the next three months. The contract requires Tree Hill Music to provide a guest DJ for 80 hours per month for a monthly fee of RM3,600. Any additional hours beyond 80 will be billed to KXMD at RM40 per hour. In accordance with the contract, Peyton received RM7,200 from KXMD as an advance payment for the first two months 3. Paid RM250 to creditors on account 4. Paid an attorney RM900 for reviewing the December 3 contract with KXMD. (Record as Miscellaneous Expense) 8. Paid for a newspaper advertisement, RM200 11. Received RM1,000 for serving as a DJ for a party. 13. Paid RM700 to a local audio electronics store for the rental of digital recording equipment. 14. Paid wages of RM1,200 to the receptionist and part-time assistant. 16. Received RM2,000 for serving as a DJ for a wedding reception. 18. Purchased supplies on account, RM850. 21. Paid RM620 (music expense) to HM Music for the use of its current music demos in making various music sets. 22. Paid RM800 to a local radio station to advertise the services of Tree Hill Music twice daily for the remainder of December. 23. Served as DJ for a party for RM2,500. Received RM750, with the remainder due on 4 January 2003 27. Paid electric bill, RM915 28. Paid wages of RM1,200 to the receptionist and part-time assistant 29 Paid miscellaneous expenses, RM540 30. Served as a DJ for a charity ball for RM1,500. Received RM500, with the remainder due on 9 January 2023 31 Received RM3,000 for serving as a DJ for a party 3L Paid RM 400 royalties (usic expense) to National Music for use of various artists BLOC DIME December 31 Pride outstanding andmed pages. 31. Withhew RM150 cash from Tree Hill Minic for personal use. On 31 December 10, these additional data were assembled for the adjustments e) During December, Tree Hill Music provided a guest DJ for FMMD for a total of 115 hours. Record the amount of the accrued revenue to be billed to KUMD based on the information stated in the contract signed on 3 December 2022. Supplies on hand at 31 December 2012 are RM275 The balance of the prepaid insurance account is reduced by RM225 (h) Depreciation of the office equipment is RM50. O The balance of the unearned revenue account is RM3.600. Instructions 1. Post the business transactions to T-accounts based on Tree Hill Music's chart of accounts (use Section I template). Chart of Accounts for free Hill Music Office Rent Expense Advertising Expense Accounts Recen able Supplies Prepaid Insurance Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Unearned Foes Wages Payable Equipment Rent Expense Music Expense Wages Expense Utilities Expense Supplies Expense Miscellaneous Expense Insurance Expense Depociation Exper Incense Summary Capital Drawing Fees First 2. Post the adjusting transactions (3) to () to the appropriate T-accounts (use the same T- accounts in instruction 1). 3. Prepare unadjusted, adjusted and post-closing trial balance for the year ended 31 December 2012. Use Income Summary to close the temporary accounts 4. Prepare an income statement, a statement of owner's equity, and a balance sheet for the year ended 31 December 2012 (use Section II template:)