PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows:

11

Cash

$3,920

41

Fees Earned

$6,200

12

Accounts Receivable

1,000

50

Wages Expense

400

14

Supplies

170

51

Office Rent Expense

800

15

Prepaid Insurance

52

Equipment Rent Expense

675

17

Office Equipment

53

Utilities Expense

300

21

Accounts Payable

250

54

Music Expense

1,590

23

Unearned Revenue

55

Advertising Expense

500

31

Peyton Smith, Capital

4,000

56

Supplies Expense

180

32

Peyton Smith, Drawing

500

59

Miscellaneous Expense

415

Review the spreadsheet and notice that the July 1, 2019, account balances have been entered in the appropriate balance column of the four-column accounts. The wordBalancehas been entered in the Item column, and a check mark () has been entered in the Posting Reference column.