Print the text assignment. The the completed by PS Music during June 2013 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business operations: July 1. Peyton Smith made an additional investment in PS Music in exchange for common stock lay depositing $5,000 in PS Music chedding account 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, $1,750. 1. Pald a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and firs The policy covers a one-year period. 2 Received $1,000 on account 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 10 hours per month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to IKMD at $40 per hour. In accordance with the contract, Peyton received 57,200 from KXMD as an advance payment for the first two months 3. Pald $250 on account 4. Pald an attorney 5900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense) 5 Purchased office equipment on account from Office Mart, $7,500. & Paid for a newspaper advertisement, $200 11 Received $1,000 for serving as a disc jockey for a party 13. Pald 5700 to a local audio electronics store for rental of digital recording equipment 14. Pald wages of $1,200 to receptionist and part-time assistant Enter the following transactions on Page 2 of the two-column journal: 16 Received $2,000 for serving as a disc jockey for a wedding reception 18 Purchased supplies on account $850. 21 Pald 5620 to Upload Music for use of its current music demos in making various music sets. 22 Pald S800 to a local radio station to advertise the services of PS Music twice daily for the remainder of TU L UMON The contract requires PS Music to provide a guest discloday for 1 hour month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to ICMD at 540 pe hour, in accordance with the contract, Peyton received $7.200 from OMD as an advance payment first two months. 3. Pald $250 on account 4. Pald an attomey $900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expens 5. Purchased office equipment on account from Office Mart, $7,500. & Paid for a newspaper advertisement, $200. 11. Received $1,000 for serving as a disc jockey for a party. 13. Pald $700 to a local audio electronics store for rental of digital recording equipment 14. Pald wages of $1,200 to receptionist and part-time assistant Enter the following transactions on Page 2 of the two-column journal: 16. Received $2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account $850. 21. Paid $620 to Upload Music for use of its current music demos in making various music sets. 22. Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July 23 Served as disc jockey for a party for $2,500. Received $750, with the remainder due August 4, 2018 Paid electric bill, $915. 28. Paid wages of $1200 to receptionist and part-time assistant 29. Paid miscellaneous expenses, 5540. 30. Served as a disc jockey for a charity ball for $1,500. Received $500, with the remainder due on August 9, 2018 Received $3,000 for serving as a disc jockey for a party 31 Pald $1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July 31. Paid dividends $1.250. PS Music chart of accounts and the balance of accounts as of July , 2018 Call normally 11Purchased spilles on anunt Seso. 21. Pald 20 to upload Mule for use of its current male demo in malding various mus . 22. Paldo to local radio station to adverther the services of Ps Muslebe dally for the remainder of 2 Served as die Joday for a party for $2.500. Received $750, with the remainder du August 4, 2018 27. Puld decirle bill, 5915 28. Pald wages of $1,200 to receptionist and part-time n t 29. Puld miscellaneous pensex, 5540 30. Served as a disc jockey for a charity ball for $1,500. Receved $500, with the remainder due on August 9, 2011 31. Received $3,000 for serving as a disc jockey for a party 31. Pald $1,400 royalties music expense) to National Music Clearing for use of various artiste'music during July 31. Pald dividends, $1,250. PS Music's chart of accounts and the balance of accounts as of July 1, 2018 (all normal bal. ances), are as follows: $3,920 1,000 170 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 23 Unearned Revenue 31 Common Stock 33 Dividends 41. Fees Earned 50 Wages Expense 51 Office Rent Expense 52 Equipment Rent Expense 53 Utilities Expense 54 Music Expense 55 Advertising Expense 56 Supplies Expense 59 Miscellaneous Expense $6.200 400 800 675 300 1.590 500 180 250 4,000 500 Instructions 1. Enter the July 1, 2018, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column, and place a check mark in the Posting Reference column Home Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction) 2 Analyze and journalize each transaction in a two-column journal beginning on Page 1 omit- ting journal entry explanations 5 Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting Prepare an adjusted trial balance as of July 31, 2018 O Start a web search UDUTULLUJ W 114/O appear as TOITOWS: PS Music Un adjusted Trial Balance July 21, 2018 To acces see this Account Ne Credit Balances Debit Balance 9,945 2,750 1,020 1. Alla assi 2. Set 3. Ente 2,700 7,500 8,350 7,200 9,000 Cash Accounts Receivable. Supplies Prepaid Insurance.... Office Equipment ... Accounts Payable Unearned Revenue ...... Common Stock ......... Dividends Fees Earned......... Wages Expense.... Office Rent Expense.... Equipment Rent Expense. Utilities Expense... Music Expense... Advertising Expense... Supplies Expense... Miscellaneous Expense... 1,750 16,200 2,800 2,550 1,375 1,215 3,610 1,500 180 1.855 40,750 40,750 The data needed to determine adjustments are as follows: . During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. For information on the amount of the accrued revenue to be billed to IOXMD, see the contract described in the transaction at the end of Chapter 2 Supplies on hand at July 31, $275. The balance of the prepaid insurance account relates to theJuly transaction at the end of Chapter 2 Depreciation of the office equipment is $50 The balance of the neared revenue account relates to the contract between PS Music and IXMD described in the July transaction at the end of Chapter 2 Accrued wages as of July were $140 4. Display barify 5. Make then en 6 Display bar To Utilities Expense ...... Music Expense..... Advertising Expense..... Supplies Expense....... Miscellaneous Expense.... 1,375 1,215 3,610 1,500 180 1,855 40,750 40,750 The data needed to determine adjustments are as follows: During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 transaction at the end of Chapter 2 Supplies on hand at July 31, $275. The balance of the prepaid insurance account relates to the July 1 transaction at the end of Chapter 2 Depreciation of the office equipment is $50. The balance of the uneared revenue account relates to the contract between PS Music and IXMO described in the July 3 transaction at the end of Chapter 2. Accrued wages as of July 31 were $140. Instructions 1. Prepare adjusting journal entries. You will need the following additional accounts: 18 Accumulated Depreciation Office Equipment 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense 2. Post the adjusting entries, inserting balances in the accounts affected. 3. Prepare an adjusted, trial balance, - SEDES O start a web search O Rie Print the text assignment. The the completed by PS Music during June 2013 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business operations: July 1. Peyton Smith made an additional investment in PS Music in exchange for common stock lay depositing $5,000 in PS Music chedding account 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, $1,750. 1. Pald a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and firs The policy covers a one-year period. 2 Received $1,000 on account 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 10 hours per month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to IKMD at $40 per hour. In accordance with the contract, Peyton received 57,200 from KXMD as an advance payment for the first two months 3. Pald $250 on account 4. Pald an attorney 5900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense) 5 Purchased office equipment on account from Office Mart, $7,500. & Paid for a newspaper advertisement, $200 11 Received $1,000 for serving as a disc jockey for a party 13. Pald 5700 to a local audio electronics store for rental of digital recording equipment 14. Pald wages of $1,200 to receptionist and part-time assistant Enter the following transactions on Page 2 of the two-column journal: 16 Received $2,000 for serving as a disc jockey for a wedding reception 18 Purchased supplies on account $850. 21 Pald 5620 to Upload Music for use of its current music demos in making various music sets. 22 Pald S800 to a local radio station to advertise the services of PS Music twice daily for the remainder of TU L UMON The contract requires PS Music to provide a guest discloday for 1 hour month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to ICMD at 540 pe hour, in accordance with the contract, Peyton received $7.200 from OMD as an advance payment first two months. 3. Pald $250 on account 4. Pald an attomey $900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expens 5. Purchased office equipment on account from Office Mart, $7,500. & Paid for a newspaper advertisement, $200. 11. Received $1,000 for serving as a disc jockey for a party. 13. Pald $700 to a local audio electronics store for rental of digital recording equipment 14. Pald wages of $1,200 to receptionist and part-time assistant Enter the following transactions on Page 2 of the two-column journal: 16. Received $2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account $850. 21. Paid $620 to Upload Music for use of its current music demos in making various music sets. 22. Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July 23 Served as disc jockey for a party for $2,500. Received $750, with the remainder due August 4, 2018 Paid electric bill, $915. 28. Paid wages of $1200 to receptionist and part-time assistant 29. Paid miscellaneous expenses, 5540. 30. Served as a disc jockey for a charity ball for $1,500. Received $500, with the remainder due on August 9, 2018 Received $3,000 for serving as a disc jockey for a party 31 Pald $1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July 31. Paid dividends $1.250. PS Music chart of accounts and the balance of accounts as of July , 2018 Call normally 11Purchased spilles on anunt Seso. 21. Pald 20 to upload Mule for use of its current male demo in malding various mus . 22. Paldo to local radio station to adverther the services of Ps Muslebe dally for the remainder of 2 Served as die Joday for a party for $2.500. Received $750, with the remainder du August 4, 2018 27. Puld decirle bill, 5915 28. Pald wages of $1,200 to receptionist and part-time n t 29. Puld miscellaneous pensex, 5540 30. Served as a disc jockey for a charity ball for $1,500. Receved $500, with the remainder due on August 9, 2011 31. Received $3,000 for serving as a disc jockey for a party 31. Pald $1,400 royalties music expense) to National Music Clearing for use of various artiste'music during July 31. Pald dividends, $1,250. PS Music's chart of accounts and the balance of accounts as of July 1, 2018 (all normal bal. ances), are as follows: $3,920 1,000 170 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 23 Unearned Revenue 31 Common Stock 33 Dividends 41. Fees Earned 50 Wages Expense 51 Office Rent Expense 52 Equipment Rent Expense 53 Utilities Expense 54 Music Expense 55 Advertising Expense 56 Supplies Expense 59 Miscellaneous Expense $6.200 400 800 675 300 1.590 500 180 250 4,000 500 Instructions 1. Enter the July 1, 2018, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column, and place a check mark in the Posting Reference column Home Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction) 2 Analyze and journalize each transaction in a two-column journal beginning on Page 1 omit- ting journal entry explanations 5 Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting Prepare an adjusted trial balance as of July 31, 2018 O Start a web search UDUTULLUJ W 114/O appear as TOITOWS: PS Music Un adjusted Trial Balance July 21, 2018 To acces see this Account Ne Credit Balances Debit Balance 9,945 2,750 1,020 1. Alla assi 2. Set 3. Ente 2,700 7,500 8,350 7,200 9,000 Cash Accounts Receivable. Supplies Prepaid Insurance.... Office Equipment ... Accounts Payable Unearned Revenue ...... Common Stock ......... Dividends Fees Earned......... Wages Expense.... Office Rent Expense.... Equipment Rent Expense. Utilities Expense... Music Expense... Advertising Expense... Supplies Expense... Miscellaneous Expense... 1,750 16,200 2,800 2,550 1,375 1,215 3,610 1,500 180 1.855 40,750 40,750 The data needed to determine adjustments are as follows: . During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. For information on the amount of the accrued revenue to be billed to IOXMD, see the contract described in the transaction at the end of Chapter 2 Supplies on hand at July 31, $275. The balance of the prepaid insurance account relates to theJuly transaction at the end of Chapter 2 Depreciation of the office equipment is $50 The balance of the neared revenue account relates to the contract between PS Music and IXMD described in the July transaction at the end of Chapter 2 Accrued wages as of July were $140 4. Display barify 5. Make then en 6 Display bar To Utilities Expense ...... Music Expense..... Advertising Expense..... Supplies Expense....... Miscellaneous Expense.... 1,375 1,215 3,610 1,500 180 1,855 40,750 40,750 The data needed to determine adjustments are as follows: During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 transaction at the end of Chapter 2 Supplies on hand at July 31, $275. The balance of the prepaid insurance account relates to the July 1 transaction at the end of Chapter 2 Depreciation of the office equipment is $50. The balance of the uneared revenue account relates to the contract between PS Music and IXMO described in the July 3 transaction at the end of Chapter 2. Accrued wages as of July 31 were $140. Instructions 1. Prepare adjusting journal entries. You will need the following additional accounts: 18 Accumulated Depreciation Office Equipment 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense 2. Post the adjusting entries, inserting balances in the accounts affected. 3. Prepare an adjusted, trial balance, - SEDES O start a web search O Rie