The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the two months ended July 31, 2018, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared:

PS Music

ADJUSTED TRIAL BALANCE

July 31, 2018

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	9,945.00
2	Accounts Receivable	4,150.00
3	Supplies	275.00
4	Prepaid Insurance	2,475.00
5	Office Equipment	7,500.00
6	Accumulated Depreciation-Office Equipment		50.00
7	Accounts Payable		8,350.00
8	Wages Payable		140.00
9	Unearned Revenue		3,600.00
10	Common Stock		9,000.00
11	Dividends	1,750.00
12	Fees Earned		21,200.00
13	Wages Expense	2,940.00
14	Office Rent Expense	2,550.00
15	Equipment Rent Expense	1,375.00
16	Utilities Expense	1,215.00
17	Music Expense	3,610.00
18	Advertising Expense	1,500.00
19	Supplies Expense	925.00
20	Insurance Expense	225.00
21	Depreciation Expense	50.00
22	Miscellaneous Expense	1,855.00
23	Totals	42,340.00	42,340.00

Required:

1.

(Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet on a sheet of paper or using spreadsheet software.

2.

Prepare an income statement, a retained earnings statement, and a balance sheet.*

3.

A.	Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
B.	Post the closing entries. The income summary account is #34 in the ledger of PS Music. Indicate closed accounts by inserting a 0 (zero) in either of the Balance columns opposite the closing entry. No entry is required in the Item column.

4.

Prepare a post-closing trial balance.

*	For guidance in completing the financial statements, be sure to read the instructions above each statement carefully.

Balance Sheet Shaded cells answer choices for text entries. Be sure to complete the statement heading. "Less:" or "Plus:" will automatically appear if it is require PS Music Score: 44/157 Balance Sheet For the Two Months Ended July 31, 2018 Assets 2 Cash: 3 Accounts receivable $4,150.00 275.00 Supplies Prepaid insurance 5 2,475.00 6 Office equipment 7 Total current assets 8 Fees earned: 9 10 11 12 13 Liabilities 14 Accounts payable: 15 Wages payable Balance Sheet Shaded cells have feed 6 Office equipment 7 Total current assets 8 Fees earned: 9 10 11 12 13 Liabilities 14 Accounts payable: 15 Wages payable 16 Unearned revenue 17 Common Stock 18 Retained earnings 19 Stockholders' Equity 20 Expenses 21 22 23 Shaded cells have feedbac Journal All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 1 PAGE 2 PAGE 3 PAGE 4 JOURNAL Score: 6/226 ACCOUNTING EQUATION DATE POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Closing Entries Fees Earned 12 13 14 15 16 erk My Work more che Mh War Ledger S BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Jul. 31 2 Account: Dividends Account No. 33 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Jul. 1 Balance 500.00 2 31 2 1,250.00 1,750.00 3 31 Balance 33 1,750.00 0.00 Account: Income Summary Account No. 34 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Jul. 31 21,200.00 21,200.00 2 Jul. 31 16,245.00 4,955.00 3 Jul 31 4,995.00 0.00 Account: Fees Earned Account No. 41 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 Jul. 1 Balance 6,200.00 11 1 000 00 720000