Question
The unadjusted trial balance of PS Music as of July 31, 2016, along with the adjustment data for the two months ended July 31, 2016,
The unadjusted trial balance of PS Music as of July 31, 2016, along with the adjustment data for the two months ended July 31, 2016, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared:
PS Music
ADJUSTED TRIAL BALANCE
July 31, 2016
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 | Retained Earnings |
|
|
12 | Dividends | 1,750.00 |
|
13 | Income Summary |
|
|
14 | Fees Earned |
| 21,200.00 |
15 | Wages Expense | 2,940.00 |
|
16 | Office Rent Expense | 2,550.00 |
|
17 | Equipment Rent Expense | 1,375.00 |
|
18 | Utilities Expense | 1,215.00 |
|
19 | Music Expense | 3,610.00 |
|
20 | Advertising Expense | 1,500.00 |
|
21 | Supplies Expense | 925.00 |
|
22 | Insurance Expense | 225.00 |
|
23 | Depreciation Expense | 50.00 |
|
24 | Miscellaneous Expense | 1,855.00 |
|
25 | 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. |
| ||||
4. | Prepare a post-closing trial balance.
|
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