Slim Shady, DJ Accounting Simulation Introduction This simulation is for Slim Shady, a DJ, who has a sole proprietorship. Slim started his business on September 1 of the current year. Slim performs at several kinds of events, including parties, weddings, and night clubs. He also specializes in karaoke, when requested. Slim has an agreement with 2 large clubs to allow them to pay for his services on the 1" and 15'h of the month. All other customers pay at the time that the services are performed. Slim Shady uses a 1 month accounting cycle, therefore the simulation runs from September 1 until September 30. You will complete the entire accounting cycle for him. Audit Reports Rhere are four oudit reports forme ie keeptrack ofyour progress. As you work, keep the auditmeports handy so that you can fill in the appropriate information as needed. These will be graded. The simulation dates that each audit report covers is as follows: September 1-14; September 15-25; September 26-30; Endo of fiscal period September 30. Chart of Accounts The following is the chart of accounts you will need for this simulation. Cash-110 Slim Shady, Capital 310 Petty Cash 120 Slim Shady, Drawing 320 Accounts Receivable/Ju's Dance Club-130 Income Summary 330 Accounts Receivable/Funky Club 140 Sales 410 Supplies Office 150 Supplies Music and Equipment-160 Advertising Expense 510 Prepaid insurance 170 Insurance Expense 520 Accounts payable/ Office and Home Inc. 210 Miscellaneous Expense -530 Accounts Payable/Electronics Unlimited 220 office Supplies Expense 540 Accounts Payable/R & B Music, Inc. 230 Music and Equip. Supplies Expense 550 Rent Expense -560 Repair and Cleaning Expense -570 Utilities Expense 580