The unadjusted trial balance of PS Music as of July 31, 20Y9, along with the adjustment data for the two months ended July 31, 20Y9, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared: PS Music ADJUSTED TRIAL BALANCE July 31, 20Y9 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 Peyton Smith, Capital 9,000.00 11 Peyton Smith, Drawing 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 statement of owners equity, and a balance sheet. (Note: Peyton Smith made investments in PS Music on June 1 and July 1, 20Y9.)* 3. A. Journalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. B. Post the closing entries. Record DATE, POST. REF., a debit or credit and a debit or credit under BALANCE on every line. Leave ITEM blank. In CNOW, Journal pages do not begin with J. For example journal page 10 POST. REF. is simply 10. If the ending balance is $0, at least one balance amount should be $0. 4. Prepare a post-closing trial balance. *For guidance in completing the financial statements, be sure to read the instructions above each statement carefully.