The transactions completed by PS Music during June 2016 were described in Problem I. The following July Peyton Smith made an additional investment in PS Music by depositing $5,000 in PS Music's 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to transactions were completed during July, the second month of the business's operations: 1. checking account. rent office space near a local music store. Paid rent for July, $1,950. 1. Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received $1,000 on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, 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. 4. Paid $250 on account. Paid an attormey $900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) Purchased office equipment on account from Office Mart, $7,500. 5. 8. Paid for a newspaper advertisement, $200. 11. Received $1,000 for serving as a disc jockey for a party 13. Paid $900 to a local audio electronics store for rental of digital recording equipment. 14. Paid wages of $1,200 to receptionist and part-time assistant. 16. Received $4,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, 5850 21. Paid $620 to Upload Music for use of its current music demos in making various music sets 22. Paid $800 to a local radio station to advertise the services of PS Music twice daily for the 23. Served as disc jockey for a party for $2,500. Received $750, with the remainder due August 4, 27. Paid electric bill, $915. remainder of July 2016. Paid wages of $1,200 to receptionist and part-time assistant. 28. Paid miscellaneous expenses, $1,540. Served as a disc jockey for a charity ball for $1,500. Received $500, with the remainder due on August 9, 2016. 29. 30. 31. 31. Received $3,000 for serving as a disc jockey for a party Paid S1,400 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. Instructions: Analyze and journalize each transaction in a two-column journal, post the journal to the ledger, and prepare a trial balance as of July 31, 2016