PS Music UNADJUSTED TRIAL BALANCE July 31, 20Y9 ACCOUNT TITLE DEBIT CREDIT 1 Cash 9,945.00 2 Accounts Receivable 2,750.00 3 Supplies 1,020.00 4 Prepaid Insurance 2,700.00 5 Office Equipment 7,500.00 6 Accounts Payable 8,350.00 7 Unearned Revenue 7,200.00 8 Peyton Smith, Capital 9,000.00 9 Peyton Smith, Drawing 1,750.00 10 Fees Earned 16,200.00 11 Wages Expense 2,800.00 12 Office Rent Expense 2,550.00 13 Equipment Rent Expense 1,375.00 14 Utilities Expense 1,215.00 15 Music Expense 3,610.00 16 Advertising Expense 1,500.00 17 Supplies Expense 180.00 18 Miscellaneous Expense 1,855.00 19 Totals 40,750.00 40,750.00 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. Since the company only contracted for 80 hours per month, make an adjusting entry to accrue the additional 35 hours of service. NOTE: The unearned revenue account will not be affected in this adjustment. For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3, 20Y9, 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 unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3 transaction at the end of Chapter 2.* Accrued wages as of July 31 were $140. *The chapter 2 list of transactions are included in a separate panel of this problem for your convenience. Required: 1. Prepare adjusting journal entries on page 3 of the journal. (Please note that pages 1 and 2 shows the transactions that were recorded in Continuing Problem 2 from chapter 2.) Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Note that Chart of Accounts has 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. Record DATE, POST. REF., a debit or credit and a debit or credit under BALANCE on every line. Leave ITEM blank. In CNOW, Journal pages do not begin with J. For example journal page 10 POST. REF. is simply 10. If the ending balance is $0, at least one balance amount should be $0. 3. Prepare an adjusted trial balance.