This is a comprehensive problem for accounting 1100

Comprehensive Problem: Making Paper Music Company Complete the following comprehensive problem by following the accounting cycle with the exception of the worksheet. The working papers are attached and should be used to complete this problem. Making Paper Music Company Owner: Chris Brown Chart of Accounts as of July 1, 2014 11 Cash $5,310 50 Wages Expense $400 12 Accounts Receivable $1,250 51 Office Rent Expense $750 14 Supplies $170 52 Equipment Rental Expense $700 15 Prepaid Insurance $0 53 Utilities Expense $300 17 Office Equipment $0 54 Music Expense $1,590 18 Accumulated Depreciation $0 55 Advertising Expense $450 21 Accounts Payable $250 56 Supplies Expense $180 22 Wages Payable $0 57 Legal Expenses $0 23 Unearned Revenue $0 58 Insurance Expense $0 31 Chris Brown, Capital $5,000 59 Miscellaneous Expense $300 32 Chris Brown, Drawing $500 60 Depreciation Expense $0 41 Fees Earned $6,650 *Accounts PayableMega Music Caf is the vendor the $250 is owed to *Accounts Receivable-- Wiz Kalefa is the customer's name that owes the $1250 1. Post the beginning balances shown in the Chart of Accounts above in the ledgers. 2. Journalize and post the following transactions: July 1: Chris Brown made an additional investment in the Making Paper Music Company by depositing $4,000 in the bank. July 1: Procured office space near a local music store and paid the rent for July of $1,800. July 1: Prepaid a one year insurance policy to State Farm for $2700. July 2: Received a check from Wiz Khalifa for payment on his account, $1250. July 3: Chris Brown signed a contract with Local Artist radio station to provide guest spots for the next three months. The contract requires Chris to provide services for 80 hours per month for $3600 (per month) and any additional hours over 80 are billed at $40 per hour. July 3: Chris Brown receives an advance payment from Local Artist radio station in the amount of $7200 pertaining to the contract signed. July 3: Wrote a check to Mega Music Caf for the amount owed July 4: Met with an attorney to have the contract with Local Artist Radio reviewed and paid the legal fees in full--$800 July 5: Purchased office equipment from Office Depot for $6,000 and placed on account July 8: Paid the Atlanta Journal Constitution $200 for an advertisement in the Sunday paper July 11: Received $900 cash for singing at a party July 13: Paid $600 to Capricorn Records to rent some studio equipment July 14: Paid Lil Wayne $1,200 for assisting with parties and recording July 16: Received $1200 for singing at a party July 18: Purchased supplies from Office Depot on account $1080 July 21: Paid $620 to Digital Music for the use of music demos July 22: Paid $800 to Jam Time Radio Station to advertise the services of Making Paper Music Company twice daily for the remainder of the month July 23: Sang at a party for Sean Combs and charged $2500. $750 was paid in cash on the spot and the remainder was billed in an invoice July 27: Paid $760 to Georgia Power for the electric bill July 28: Paid wages of $1200 to Lil Wayne for assisting with parties and recording July 29: Paid $370 in various miscellaneous expenses July 30: Sang at Missy Elliot's Charity Ball and charged $1800. $400 was paid in cash on the spot and the remainder was billed in an invoice July 31: Received $2800 for singing at a party July 31: Paid $1400 in royalties to Motown Music for the use of others music July 31: Chris Brown withdrew $1500 for personal bills 3. Prepare an Unadjusted Trial Balance for July 31, 2014 4. Journalize and post the following adjusting entries as of July 31, 2014 Record the accrued revenues of $1600 Supplies on hand at the end of the month $400 Adjust the prepaid insurance account for one month Record the depreciation for the Office Equipment $75 Adjust the unearned revenue account for one month of revenues earned from Local Artist Radio Record the accrued wages, to Lil Wayne, of $170 5. Prepare an Adjusted Trial Balance as of July 31, 2014 6. Prepare an Income Statement, Statement of Owner's Equity, and a Balance Sheet as of July 31, 2014 7. Journalize and post the closing entries 8. Prepare a Post-Closing Trial Balance JOURNAL Date Description Pos t Ref. Debit Credit Date Description Pos t Ref. Debit Credit Account - Cash Date Description AccountAccounts Receivable Date Description Post Ref. Debit Credit Debit Credit P.R. Debit Credit Debit Credit AccountSupplies Date Description P.R. Debit Credit Debit Credit AccountPrepaid Rent Date Description P.R. Debit Credit Debit Credit AccountPrepaid Insurance Date Description Debit Credit Debit Credit Description Pos t Ref. P.R. Debit Credit Debit Credit AccountOffice Equipment Date Description P.R. Debit Credit Debit Credit AccountAccumulated Depreciation Date Description P.R. Debit Credit Debit Credit AccountAccounts Payable Date Description P.R. Debit Credit Debit Credit Date AccountSalaries Payable Date Description P.R. Debit Credit Debit Credit AccountUnearned Fees Date Description P.R. Debit Credit Debit Credit Account Date Capital Description P.R. Debit Credit Debit Credit Account Date Drawing Description Pos t Ref. Debit Credit Debit Credit AccountIncome Summary Date Description P.R. Debit Credit Debit Credit AccountFees Earned Date Description P.R. Debit Credit Debit Credit AccountSalary Expense Date Description P.R. Debit Credit Debit Credit AccountRent Expense Date Description P.R. Debit Credit Debit Credit AccountSupplies Expense Date Description P.R. Debit Credit Debit Credit AccountDepreciation Expense Date Description P.R. Debit Credit Debit Credit AccountInsurance Expense Date Description P.R. Debit Credit Debit Credit AccountMiscellaneous Expense Date Description P.R. Debit Credit Debit Credit Unadjusted Trial Balance JOURNAL Adjusting Entries Date Description Pos t Ref. Debit Credit Adjusted Trial Balance Income Statement Statement of Owner's Equity Balance Sheet JOURNAL Closing Entries Date Description Pos t Ref. Debit Credit Post-Closing Trail Balance