In a safe place for future 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 50 Wages Expense 1,000 400 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 1,590 500 23 Unearned Revenue SS Advertising Expense 180 4,000 56 Supplies Expense 31 Peyton Smith, Capital 415 50 59 Miscellaneous Expense 32 Peyton Smith, Drawing Required: 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 word Balance has been entered in the Item column, and a check mark (v) has beer entered in the Posting Reference column. 100% Continuing Problem Chapter 2-Instruction #3 Post the journal entries completed in Chapter 2 Part 2 to the ledgers in the spreadsheet you saved in Chapter 2 Part 1. When entering the Posting References, use journal page 1 for transactions from July 1-14, and use journal page 2 for transactions from July 16-31. Extend the account balance to the appropriate balance column after each posting. Be sure to save your work in the spreadsheet. 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. (Continued) mapter 2 Analyzing Transactions July 21. Paid $620 to Upload Music for use of its current music demos in making varl ous 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, 2019. 27. Paid electric bill, $915. 28. Paid wages of $1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, $540. 30. Served as a disc jockey for a charity ball for $1,500. Received $500, with the remainder due on August 9, 2019. 31. Received $3,000 for serving as a disc jockey for a party. 31. Paid $1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew $1,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: $3,920 1,000 170 41 Fees Earned $6,200 11 Cash 12 Accounts Receivable 50 Wages Expense pu 400 51 Office Rent Expense 52 Equipment Rent Expense 53 Utilities Expense 54 Music Expense 800 14 Supplies 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 675 300 250 1,590 55 Advertising Expense 56 Supplies Expense 59 Miscellaneous Expense S00 180 415 23 Unearned Revenue 31 Peyton Smith, Capital 32 Peyton Smith, Drawing 4,000 500 Instructions 1. Enter the July 1, 2019, 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. (Hint: 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, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate bal- ance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2019. - Projects Refer to your answers from Chapter 2, Part 3 to complete this part. Prepare an unadjusted trial balance as of July 31, 2019. If an amount box does not require an entry, leave it blank. PS Music Unadjusted Trial Balance July 31, 2019 Debit Balances Credit Balances Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accounts Payable Unearned Revenue Peyton Smith, Capital Peyton Smith, Drawing Fees Earned Wages Expense 100% Supplies Prepaid Insurance Office Equipment Accounts Payable Unearned Revenue Peyton Smith, Capital Peyton Smith, Drawing Fees Earned Wages Expense Office Rent Expense Equipment Rent Expense Utilities Expense Music Expense Advertising Expense Supplies Expense Miscellaneous Expense