The foilowing transactions were completed by PS Music during July, the second month of the business's...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The foilowing transactions were completed by PS Music during July, the second month of the business's operations: Analyze and journalize each transaction in the two-column journal below. Include Posting References, sing the account numbers in your spreadsheet. If an amount box does not require an entry, leave it blank July 1: Peyton Smith made an additional Investment in PS Music in exchange for common stock by depositing $5,000 in PS Music's checking account. Account Post. Ref. Debit Credit Cash v 11 5,000 Common Stock 31 5,000 July Instead of continuing to share office space with a local real estate agency, Peyton decided to rent affice space near a local music store. Paid rent for July, $1,750. Account Post. Ref. Debit Credit ofice Rant Eanse v 51 1,750 Cash 11 1,750 July 1: Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-vear period. Account Post. Ref. Debit Credit Prepaid Insurance v 15 2,700 Cash 11 2,700 July 2: Received s1,000 on account. Account Post. Ref. Debit Credit Cesh 11 1,000 Accounts Receivable v 12 1,000 July 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 F hevond RO will he hillet to KXMD at c40 ner houe. In accortance with the contract Pevton received S7.200 from KXMO as an advance navment for the first two months July 3: On behaif of PS Music, Peyton signed a contract with a local radio station, KCXMD, to provide guest spot tor the next three months. The contract requires PS Music to provide a guest disc juckey for B0 hours per month for a manthly fee of $3,600. Any additional huurs beyond 80 will be billed to KXMD at s40 per hout: In accordonce with the contract, Peyton received $7,200 fmi KXMD es an advance payment for the first two months. Account Post. Ref. Debit Credit Cash 11 v 7,200 Unearned tevenue v 23 V 7,200v aufy 3: Paid $250 on account Account Post. Ref. Debit Credit Accounts ble 250V 21 Cash v 11V 250 v July 4: Paid an attomey S900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) Post. Ref. Debit Credit Account Miscallaneous Expena R 900 59 900 Cash July S: Purhased office equipment on account from Office Mart, $7.500 Debit Credit Account Post. Ref. ofice Equipment 17 7,500 7,500 Accounts Payable 21 July B: Paid for a newspaper advertisement, $200 Debit Credit Account Post. Ref. 200 55 Advertising Expense V 200 Cash 11 (Previous Net Calnulator Print tem July 111 Received $1,000 for serving as a disc jockey for a party. Account Post. Ref. Debit Credit Cash v 11v 1,000 Fees Earnedv 41 1,000 July 13: Paid $700 to a local autio electronics store for rental of digital recording equipment. Account Post. Ref. Debit Credit Ement Rent Expense v 52 700 Cash 11 700 July 14: Paid wages of $1,200 to receptianist and part-time assistant. Account Post. Ref. Debit Credit Wages Expense 1,200 50 Cash 11 1,200 July 16: Received $2,000 for serving as a disc jockey for a wedding reception. Account Post. Ref. Debit Credit Cash v 2,000 11 Fees Earned v 2,000 41 July 18: Purchased supplies on account, $850. Account Post. Ref. Debit Credit 14V 850 Supplies 850 Accounts Payable 21 Julu 21 Daid 620 tn.iininad M.usir forume ont mir damns.in makinn uarinin msic ante che Hy Wv O more Check My Wom uses emaning Calouletor Print em July 21: Paid $620 to Upioad Music for use of its current music demos in making various music sets Account Post. Ref. Debit Credit Music Expense 54V 620 Cash 11 620 July 22: Paid S800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July, Account Post. Ref. Debit Credit A tising Expense v 55 800 Cash 11 800 July 23: Served as disc jockey for a party for $2,500. Received $750, with the remainder due August 4, 2018. Account Post. Ref. Debit Credit Cash 11 750 Accounts Receivable v 12 1,750 2,500 Fees Earmedv 41 July 27: Paid electric bill, $915. Credit Account Post. Ref. Debit utiities Expense 53 915 915 Cash 11 July 28: Paid wages of $1,200 to receptionist and part-time assistant. Post. Ref. Debit Credit Account 50 1,200 Wages Expense v 1,200 11 Cash v Cherk Py Wurk 0 mare Check My Work unm remaining July 29: Paid miscellaneous expenses, $540. Account Post. Ref. Debit Miscellaneous Expense Credit 59 540 Cash v 11 540 July 30: Served as a disc jockey for a charity ball for $1.500. Received s0, with the remainder due on August 9, 2018. Account Post. Ref. Debit Credit Cash 11 500 Accounts Receivable v 12 1,000 Fees Earmed v 41 1,500 July 31: Received $3,000 for serving as a disc jockey for a party. Account Post. Ref. Debit Credit Cash 11 3,000 Fees tarmed 3,000 41 July 31: Paid $1,400 royaities (music expense) to National Music Clearing for use of various artists' music during July Account Post. Ref. Debit Credit Music Expense 54 1,400 11V 1,400 Cash v July 31: Paid dividends of $1,250. Debit Credit Account Post. Ref. 33 1,250 Dividends v 1,250 11 Cash v Previoa Sshmit Ag Unns remaining She and Cat July 31: Paid dividends of $1,250. Account Post. Ref. Debit Credit Dividends v 33 1,250 Cash 11 1,250 Feedback Check My Work Refer to your answers from Chapter 2, Part 3 to complete this part. Prepare an unadjusted trial balance as of July 31, 2018. If an amount box does not require an entry, leave it blank. PS Music Unadjusted Trial Balance July 31, 2018 Debit Balances Credit Balances Accounts Payable Cash Common Stock Fees Earned Unearned Revenue The foilowing transactions were completed by PS Music during July, the second month of the business's operations: Analyze and journalize each transaction in the two-column journal below. Include Posting References, sing the account numbers in your spreadsheet. If an amount box does not require an entry, leave it blank July 1: Peyton Smith made an additional Investment in PS Music in exchange for common stock by depositing $5,000 in PS Music's checking account. Account Post. Ref. Debit Credit Cash v 11 5,000 Common Stock 31 5,000 July Instead of continuing to share office space with a local real estate agency, Peyton decided to rent affice space near a local music store. Paid rent for July, $1,750. Account Post. Ref. Debit Credit ofice Rant Eanse v 51 1,750 Cash 11 1,750 July 1: Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-vear period. Account Post. Ref. Debit Credit Prepaid Insurance v 15 2,700 Cash 11 2,700 July 2: Received s1,000 on account. Account Post. Ref. Debit Credit Cesh 11 1,000 Accounts Receivable v 12 1,000 July 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 F hevond RO will he hillet to KXMD at c40 ner houe. In accortance with the contract Pevton received S7.200 from KXMO as an advance navment for the first two months July 3: On behaif of PS Music, Peyton signed a contract with a local radio station, KCXMD, to provide guest spot tor the next three months. The contract requires PS Music to provide a guest disc juckey for B0 hours per month for a manthly fee of $3,600. Any additional huurs beyond 80 will be billed to KXMD at s40 per hout: In accordonce with the contract, Peyton received $7,200 fmi KXMD es an advance payment for the first two months. Account Post. Ref. Debit Credit Cash 11 v 7,200 Unearned tevenue v 23 V 7,200v aufy 3: Paid $250 on account Account Post. Ref. Debit Credit Accounts ble 250V 21 Cash v 11V 250 v July 4: Paid an attomey S900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) Post. Ref. Debit Credit Account Miscallaneous Expena R 900 59 900 Cash July S: Purhased office equipment on account from Office Mart, $7.500 Debit Credit Account Post. Ref. ofice Equipment 17 7,500 7,500 Accounts Payable 21 July B: Paid for a newspaper advertisement, $200 Debit Credit Account Post. Ref. 200 55 Advertising Expense V 200 Cash 11 (Previous Net Calnulator Print tem July 111 Received $1,000 for serving as a disc jockey for a party. Account Post. Ref. Debit Credit Cash v 11v 1,000 Fees Earnedv 41 1,000 July 13: Paid $700 to a local autio electronics store for rental of digital recording equipment. Account Post. Ref. Debit Credit Ement Rent Expense v 52 700 Cash 11 700 July 14: Paid wages of $1,200 to receptianist and part-time assistant. Account Post. Ref. Debit Credit Wages Expense 1,200 50 Cash 11 1,200 July 16: Received $2,000 for serving as a disc jockey for a wedding reception. Account Post. Ref. Debit Credit Cash v 2,000 11 Fees Earned v 2,000 41 July 18: Purchased supplies on account, $850. Account Post. Ref. Debit Credit 14V 850 Supplies 850 Accounts Payable 21 Julu 21 Daid 620 tn.iininad M.usir forume ont mir damns.in makinn uarinin msic ante che Hy Wv O more Check My Wom uses emaning Calouletor Print em July 21: Paid $620 to Upioad Music for use of its current music demos in making various music sets Account Post. Ref. Debit Credit Music Expense 54V 620 Cash 11 620 July 22: Paid S800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July, Account Post. Ref. Debit Credit A tising Expense v 55 800 Cash 11 800 July 23: Served as disc jockey for a party for $2,500. Received $750, with the remainder due August 4, 2018. Account Post. Ref. Debit Credit Cash 11 750 Accounts Receivable v 12 1,750 2,500 Fees Earmedv 41 July 27: Paid electric bill, $915. Credit Account Post. Ref. Debit utiities Expense 53 915 915 Cash 11 July 28: Paid wages of $1,200 to receptionist and part-time assistant. Post. Ref. Debit Credit Account 50 1,200 Wages Expense v 1,200 11 Cash v Cherk Py Wurk 0 mare Check My Work unm remaining July 29: Paid miscellaneous expenses, $540. Account Post. Ref. Debit Miscellaneous Expense Credit 59 540 Cash v 11 540 July 30: Served as a disc jockey for a charity ball for $1.500. Received s0, with the remainder due on August 9, 2018. Account Post. Ref. Debit Credit Cash 11 500 Accounts Receivable v 12 1,000 Fees Earmed v 41 1,500 July 31: Received $3,000 for serving as a disc jockey for a party. Account Post. Ref. Debit Credit Cash 11 3,000 Fees tarmed 3,000 41 July 31: Paid $1,400 royaities (music expense) to National Music Clearing for use of various artists' music during July Account Post. Ref. Debit Credit Music Expense 54 1,400 11V 1,400 Cash v July 31: Paid dividends of $1,250. Debit Credit Account Post. Ref. 33 1,250 Dividends v 1,250 11 Cash v Previoa Sshmit Ag Unns remaining She and Cat July 31: Paid dividends of $1,250. Account Post. Ref. Debit Credit Dividends v 33 1,250 Cash 11 1,250 Feedback Check My Work Refer to your answers from Chapter 2, Part 3 to complete this part. Prepare an unadjusted trial balance as of July 31, 2018. If an amount box does not require an entry, leave it blank. PS Music Unadjusted Trial Balance July 31, 2018 Debit Balances Credit Balances Accounts Payable Cash Common Stock Fees Earned Unearned Revenue
Expert Answer:
Answer rating: 100% (QA)
Answers Date Account Titles Debit Credit Jul01 Cash 5000 Peyton Smith Capi... View the full answer
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
The following transactions were completed by The Bronze Gallery during the current fiscal year ended December 31: June 6. Reinstated the account of Ian Netti, which had been written off in the...
-
The following transactions were completed by Interia Management Company during the current fiscal year ended December 31: Feb. 24. Received 40% of the $18,000 balance owed by Broudy Co., a bankrupt...
-
The following transactions were completed by Hobson Inc., whose fiscal year is the calendar year: 2010 July 1. Issued $18,000,000 of five-year, 10% callable bonds dated July 1, 2010, at an effective...
-
Discuss the two-pipe system, how it works, and its advantages and disadvantages.
-
What does the acronym CAMELS refer to in commercial bank examinations? What are the most important facets of an examination?
-
Below is a frequency distribution table for a hypothetical variable: a. How many of the scores for this variable have the value 2? b. What percentage of the scores has the value of 7 ? Value f% 7 5...
-
What is the purpose of filing a lis pendens?
-
From the following information, compute the early, late, and slack times for each activity. Identify the critical path. Code Software Lag 2 A Debug Lag 2 Design B D Order Assemble Install Parts Lag 3...
-
1 . What provisions in the Patriot act have been enacted to make it easier to apprehend cybercriminals? 2 . Discuss how it might be possible to detect whether a message is hidden in a digital photo....
-
Although the company has already established medical and retirement plan benefits, Toni Prevosti wants to consider other benefits to attract employees. As the company's accountant, you have been...
-
What do you know about project management and Describe your initial understanding of Project Management; what do you see as the value of having such a role/office/etc in a company? Do you think the...
-
What is a fiscal year?
-
Do you think the balance sheet report you receive gives you useful information? How do you think it could be improved?
-
What does an accountant mean by short-term?
-
Since the Prandtl number and the heat capacity of air are nearly independent of temperature, Eq. (12.34) seems to indicate that h i for air increases with 0.2 (a) Explain this anomaly and determine...
-
Have you encountered break-even analysis in your work?
-
Selected hypothetical comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions). 2025 2024 Net...
-
The Alert Company is a closely held investment-services group that has been very successful over the past five years, consistently providing most members of the top management group with 50% bonuses....
-
How do computerized budgeting systems aid firms in the budgeting process?
-
Explain the meaning of (a) Differential revenue, (b) Differential cost, and (c) Differential income.
-
Differentiate between the multiple-step and the single-step forms of the income statement.
-
The A-36 steel post is subjected to the forces shown. If the strain gages \(a\) and \(b\) at point \(A\) give readings of \(\epsilon_{a}=300\left(10^{-6} ight)\) and \(\epsilon_{b}=175\left(10^{-6}...
-
A differential element is subjected to plane strain that has the following components: \(\epsilon_{x}=950\left(10^{-6} ight), \epsilon_{y}=420\left(10^{-6} ight)\), \(\gamma_{x y}=-325\left(10^{-6}...
-
The state of plane strain on the element has components of \(\epsilon_{x}=400\left(10^{-6} ight), \epsilon_{y}=200\left(10^{-6} ight), \gamma_{x y}=-300\left(10^{-6} ight)\). Determine the equivalent...
Study smarter with the SolutionInn App