The transactions completed by PS Music during June 2018 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music in exchange for common stock by depositing $5,000 in PS Musics checking account 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, $1,750. 1. Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire The policy covers a one-year period. 2 Received $1,000 on account. 3. 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. Any additional hours beyond 80 will be billed to KXMD at $40 per hour, in accordance with the contract, Peyton received $7,200 from KXMD as an advance payment for the first two months. Paid $250 on account. 4. Paid an attorney $900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense) 5. Purchased office equipment on account from Office Mart, $7,500. Paid for a newspaper advertisement, $200. Received $1,000 for serving as a disc jockey for a party. 13. Paid $700 to a local audio electronics store for rental of digital recording equipment. 14. Paid wages of $1,200 to receptionist and part-time assistant. 11. Enter the following transactions on Page 2 of the two-column Journal 16. Received $2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, $850. 21. Paid $620 to Upload Music for use of its current music demos in making various music sets. 22 Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July 23. Served as disc jockey for a party for $2.500. Received $750, with the remainder due August 4, 2018 27. Pald electric bill, $915. 28. Pald wages of $1200 to receptionist and part-time assistant 29. Paid miscellaneous expenses, $540. 30. Served as a disc jockey for a charity ball for $1,500. Received $500, with the remainder due on August 9, 2018 31. Received $3,000 for serving as a disc jockey for a party. 31. Paid $1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July 31. Paid dividends, $1,250. 170 PS Music's chart of accounts and the balance of accounts as of July 1, 2018 (all normal bal. ances), are as follows: 11 Cash $3,920 41 Fees Earned $6,200 12 Accounts Receivable 1,000 50 Wages Expense 400 14 Supplies 51 Office Rent Expense 15 Prepaid Insurance 52 Equipment Rent Expense 17 Office Equipment 53 Utilities Expense 300 21 Accounts Payable 250 1.590 54 Music Expense 55 Advertising Expense 23 Unearned Revenue 500 31 Common Stock 4,000 56 Supplies Expense 180 33 Dividends 415 59 Miscellaneous Expense 500 800 675 Instructions 1. Enter the July 1. 2018, account balances in the appropriate balance column or four column account. Write in the trem column, and place a check mark in the Posting Reference column s Ver the quality of the debt and credit Dance in the feder n ith the instruction P3 MUSICS chart of accounts and the balance of accounts as of July 1, 2018 (all normal bal. ances), are as follows: 11 Cash $3,920 41 Fees Earned 12 Accounts Receivable $6,200 1,000 50 Wages Expense 14 Supplies 400 170 51 Office Rent Expense 800 15 Prepaid Insurance 52 Equipment Rent Expense 675 17 Office Equipment 53 Utilities Expense 300 21 Accounts Payable 250 54 Music Expense 1,590 23 Unearned Revenue 55 Advertising Expense 500 31 Common Stock 4,000 56 Supplies Expense 33 Dividends 500 59 Miscellaneous Expense 415 180 Instructions 1. Enter the July 1, 2018, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column, and place a check mark in the Posting Reference column. (Hin Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omit- ting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting, 4. Prepare an unadjusted trial balance as of July 31, 2018 O Start a web search o e