The unadjusted trial balance for PS Music as of July 31, 2019 is as follows: PS Music Unadjusted Trial Balance July 31, 2019 Account No. Debit Balances Credit Balances Cash 11 9,945 Accounts Receivable 12 2,750 14 1,020 Supplies Prepaid Insurance 15 2,700 Office Equipment 17 7,500 Accounts Payable 21 8,350 Unearned Revenue 23 7,200 Peyton Smith, Capital 31 9,000 Peyton Smith, Drawing 33 1,750 Fees Earned 41 16,200 Wages Expense 50 2,800 Office Rent Expense 51 2,550 Equipment Rent Expense 52 1,375 Equipment Rent Expense 52 1,375 Utilities Expense 53 1,215 Music Expense 54 3,610 55 1,500 Advertising Expense Supplies Expense 56 180 Miscellaneous Expense 59 1,855 40,750 40,750 Based on those balances and the additional data below, prepare adjusting journal entries. Include Posting References, using the account numbers in your spreadsheet. You will need the following additional accounts: Account # Account Name 18 Accumulated Depreciation Office Equipment 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense The data needed to determine adjustments for the two-month period ending July 31, 2019, are as follows: July 31: During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of $3,600, which PS Music has already received payment for. Any additional hours beyond 80 will be billed to KXMD at $40 per hour. July 31: During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of $3,600, which PS Music has already received payment for. Any additional hours beyond 80 will be billed to KXMD at $40 per hour. Account Post. Ref. Debit Credit Accounts Receivable Fees Earned July 31: Supplies on hand at July 31, $275. Account Post. Ref. Debit Credit Supplies Cash July 31: The balance of the prepaid insurance account relates to the following July 1, 2019 transaction: "Paid a premium of $2,700 for a comprehensive Insurance policy covering liability, theft, and fire. The policy covers a one-year period." Account Post. Ref. Debit Credit July 31: The balance of the prepaid insurance account relates to the following July 1, 2019 transaction: "Pald a premium of $2,700 for a comprehensive Insurance policy covering liability, theft, and fire. The policy covers a one-year period." Account Post. Ref. Debit Credit July 31: Depreciation of the office equipment is $50. Account Post. Ref. Debit Credit July 31: The balance of the unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3, 2019 transaction, which included the following: "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." In accordance with the contract, Peyton received $7,200 from KXMD as an advance payment for the first two months. Account Post. Ref. Debit Credit July 31: The balance of the unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3, 2019 transaction, which included the following: "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." In accordance with the contract, Peyton received $7,200 from KXMD as an advance payment for the first two months. Account Post. Ref. Debit Credit July 31: Accrued wages as of July 31, 2019, were $140. Account Ref. Debit Credit