The unadjusted trial balance of Music Depot as at December 31, 2015, along with the adjustment data for the two months ended December 31, 2015, are shown in Chapter 3, on pages 160€“161. Based upon the adjustment data, the adjusted trial balance shown below was prepared.

Instructions
1. Optional. Using the data from Chapter 3, prepare an end-of-period spreadsheet (work sheet).
2. Prepare an income statement, a statement of owner€™s equity, and a balance sheet. Pat Sharpe made investments in Music Depot on November 1 and December 1, 2015.
3. Journalize and post the closing entries. The Income Summary account is #3030 in the ledger of Music Depot. Indicate closed accounts by inserting a line in the balance column opposite the closing entry.
4. Prepare a post-closing trial balance.

Transcribed Image Text:

Music Depot Adjusted Trial Balance December 31, 2015 Credit Balances Balances Cash Accounts Receivable Prepaid Insurance Supplies Office Equipment Accumulated Depreciation Office Equipment Accounts Payable Wages Payable Uneamed Revenue Pat Sharpe, Capital Pat Sharpe, Withdrawals Fees Eamed Music Expense Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Wage Expense 14,600 3,350 2,475 6,350 170 3,600 9,000 2,000 13,450 2,400 650 75 170 32,645 32,645