The transactions completed by PS Music during June 2016 were described at th Chapter 1. The following transactions were completed during July, the second nd the business's operations: g Problem the end d ond month e for July 1. Peyton Smith made an additional investment in PS Music in exchange f common stock by depositing $5,000 in PS Music's checking account. cy Peyton decided to rent office space near a local music store. Paid rent for July $1,750. 1. Instead of continuing to share office space with a local real estate agen 1. Paid a premium of $2,700 for a comprehensive insurance policy covering 2. Received $1,000 on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, lia ity, theft, and fire. The policy covers a one-year period. KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to KXMD at $40 per hour. In accordance with the contract, Peyton received $7,200 from KXMD as an advance payment for the first two months. 3. Paid $250 on account. 4. Paid an attorney $900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, $7,500. 8. Paid for a newspaper advertisement, $200. 11. Received $1,000 for serving as a disc jockey for a party 13. Paid $700 to a local audio electronics store for rental of digital recording equi do repdonis nd partime assitant. ment