the unadjusted trial balance of ps music as of july 31 2014 along with the adjustmen 541731
The unadjusted trial balance of PS Music as of July 31, 2014, along with the adjustment data for the two months ended July 31, 2014, are shown in Chapter 3. Based upon the adjustment data, the adjusted trial balance shown below was prepared.
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the unadjusted trial balance of ps music as of july 31 2014 along with the adjustmen 541731
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Debits Balances |
Credit Balances |
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Cash |
9,945 |
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Accounts Receivable |
4,150 |
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Supplies |
275 |
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Prepaid Insurance |
2,475 |
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Office Equipment |
7,500 |
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Accumulated Depreciation—Office Equipment |
50 |
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Accounts Payable |
8,350 |
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Wages Payable |
140 |
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Unearned Revenue |
3,600 |
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Capital Stock |
9,000 |
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Dividends |
1,750 |
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Fees Earned |
21,200 |
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Music Expense |
3,610 |
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Wages Expense |
2,940 |
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Office Rent Expense |
2,550 |
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Advertising Expense |
1,500 |
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Equipment Rent Expense |
1,375 |
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Utilities Expense |
1,215 |
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Supplies Expense |
925 |
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Insurance Expense |
225 |
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Depreciation Expense |
50 |
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Miscellaneous Expense |
1,855 |
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42,340 |
42,340 |
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Instructions
- Prepare an end-of-period spreadsheet (work sheet).
- Prepare an income statement, a retained earnings statement, and a balance sheet.
- Journalize and post the closing entries. The income summary account is #34 in the ledger of PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.
- Prepare a post-closing trial balance.
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