very confused with all of this please help

Lawrence Marcel School Of Music Guidelines Lawrence Marcel School of Music is an existing business that has het you, the accountant, to prepare the financial statements and we detailed instructions as to how one is to complete this task. complete set of financial books for the month of July. Listed below are balances from the June 30, 200X Post Closing Trial Balance in the Important Note: Before you record the transactions post the account General Ledger and label each amount "Balance in the description Journalize the initial transactions dated July 1, 200% through dy 3 200X. Omit explanations for all journal entries for the entire month. Post the transactions in the General Ledger. Be sure to complete the dio column. 1. 2 3. reference columns 4 Prepare a Trial Balance on the sheet provided for the trial balance. Complete the worksheet using the adjusting entries provided If the worksheet balance you are ready to go on to the next step. fit 5. continue 6. 7. & Journalize the adjusting entries. Post the adjusting entries in the General Ledger. Prepare a formal single step Income Statement. Prepare a formal Statement of Owner's Equity. 10. Prepare a formal Balance Sheet. 11. Journalize the closing entries. 9. 12. Post the closing entries to the General Ledger. 13. Prepare a Post Closing Trial Balance. Zaborate Alarcel School of Music Post Closing Trial Balance June 30, 200X Cash Accounts Receivable Office Supplies Music Supplies Pronad Insurance Prepaid Rent Office Equipment $57.000 25,000 3,250 30,000 4.500 7,200 25,000 75,000 $3.500 3.500) 80,000 Accumulated Depreciation, Office equipment Music Instruments Accumulated Depreciation, Music Instruments Musical Equipment Accumulated Depreciation, Musical Equipment Van Accumulated Depreciation, Van Accounts Payable Music Wages Payable L. Marcel, Capital Total 22,250 32,000 6,000 138,000 1.700 163,000 $338,950 $338,950 MATTEL Chart Ot Accounts Assets Cash Accounts Receivable Office Supplies Music Supplies Prepaid Insurance Prepaid Rent Office Equipment Music Instruments Musical Equipment 125 Accumulated Depreciation, Office Equipment Accumulated Depreciation, Music Instruments Accumulated Depreciation, Musical Equipment Van 146 88888888888888882 889 215 Accumulated Depreciation, Van Liabilities Accounts Payable Music Wages Payable Office Salaries Payable Uneamed Music Fees Owner's Equity L. Marcel Capital L. Marcel, Withdrawals Income Summary Revenue Music Fees Earned Expenses Office Supplies Expense Music Supplies Expense Insurance Expense Rent Expense Music Wages Expense Office Salaries Expense 400 500 505 510 515 520 525 530 Instrument Maintenance Expense Van Expense Depreciation Expense, Office Equipment Depreciaiton Expense, Music Instrument Depreciation Expense, Musical Equipment Depreciation Expense, Van 535 540 545 550 555 109 taletal erae Transactions wyt w hour 2 2 3 WS Juys July 5 July 5 Sied a contract to provide a marching band for the county.de of ulceration. The marching and is to provide the consecutive hours of service at a rate of $1,700 per hour. The be 100 members in the marching band. Each marching and member wil be paid by the music school at a rate of $10 per Purchased music supplies on account, 55.000 red a professional instrument maintenance and tunerimto aust the musical Instruments. The instrument maintenance firm provided the service and billed the music school $2,500 Took the music schools van for an oil change and other normal maintenance work. Pald $115 Received Payment for providing weekly individual lessons, $1,550. Received payment from the county for the marching bands performance on the 4th of July, $5,100. The marching band members will be paid for the three hours service that they provided on Friday, July 12th. (Note: requires two entries) Paid office employees their weekly salaries, $2,500, Paid the musicians for services previously rendered which had been adequately recorded in June as an outstanding music wages payable, $1,700. Purchased office supplies,500 Lawrence Marcel, the owner wrote a $650 business check which he used to pay his monthly personal car loan. Purchased office equipment on account, $1,500. Paid an outstanding accounts payable balance, $3,200. Signed a contract to teach music lessons for the public school system. The students will attend the music school and the music school will in turn be paid $7.50 per hour for each student. This contract is effective immediately. However, in most situations the music school will not receive payment until two weeks after the services have been provided. Received weekly payment for providing individual music lessons, $1,300 Paid marching band members, $3,000. (Note: See July 5 transaction) Paid office employees, $2,500. July 8 July 9 July 9 July 10 July 11 July 12 July 12 July 12 110 Laurence Platebuli Transactions 15 an office complex at a rate of $1,750 Der 5 way Entered into an agreement to provide a calator Received four weeks advanced payment and began Rented additional space in their current office of $1.000 per month. Paid three months rent Received a $3,700 payment on the outstanding an outs today. 15 16 U17 18 My 19 My 19 $1.900. receivable balance. Provided services and collected $5,000. Provided services that total $7,500. Collected $2,500 and the customer for the remainder. Paid Office employees, $2,500. Received weekly payments for providing individual lessons, Received payment on previously billed account, $4.500. Pald $10,000 on the outstanding accounts payable balance. Provided services and collected $3,100. Received payment from previously billed customer, $2,100, Paid office employees, $2,500. Received payment for providing indivdual weekly lessons, $3,200. Provided services and billed the customer, $1,400. Provided services and collected $2,300. L2 2 23 Wy24 Lul 25 Wy26 Wy26 wy29 u 31 DO L aarae radouleuris ADJUSTING ENTRIES July 31, 200% Record the month depreciation on the easted below Office Equipment 500 Music Instruments 200 Musical Equipment Van The weekly payrol of the office employees is $2.500. Theo di 950 b. 600 employees are paid on a weekly basis. Wednesday, July 31, 2003 is the end of the monthly accounting yde C The prepaid insurance balance is the sum of three differene policies. The first policy had a balance of $1,000 and it hadice months of coverage remaining at the beginning of this money cycle. The second policy's balance of $2,400 represents the remaining portion of a three year policy of which one year had already elapsed at the beginning of this month $1,100 is the balance of the third policy at the beginning of the month $350 of the third policy's cost was used during the current period (Note: Please use only one adjusting entry to adjust the Prepaid Insurance account) The June 30, 200X 57,200 account balance for prepaid rent is the cost of 9 months rent. Also, $500 of the prepaid rent in the Suv 15th transaction had been used e. The Lawrence Marcel School of Music provided 100 hours of service to the public school students at the $7.50 per hour rate agreed to on July 11th. As of July 31st they had not received payment from the public school system for these services. Also, the music school had provided individual lessons totaling $2,000 on Monday, Tuesday and Wednesday of the July 29th week, They will receive payment for these lessons on Friday, August 2, 200X. And thirdly, two weeks of musical Interludes have been provided at the office complex as agreed upon in the July 15th transaction . An examination of the Office Supplies account reveals that there is 2100 of office supplies on hand. $5,500 of music supplies were used this period. 9 112