Continuing Problem - Chapter 4 Chart of Accounts Labels and Amount Descriptions Income Statement Instructions The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the two months ended July 31, 2018, are shown in Chapter 3 Based upon the adjustment data, the following adjusted trial balance was prepared PS Music ADJUSTED TRIAL BALANCE July 31, 2018 ACCOUNT TITLE DERIT CREDIT 1 Cash 9.945.00 Accounts Receivable 4.150.00 275.00 2,475.00 Supplies Prepaid Insurance Office Equiment Accontated Depreciation Office Equipment 7,500.00 50100 Continuing Problem - Chapter 4 Chart of Accounts Labels and Amount Descriptions Income Statement Instructions 7 Accounts Payable 8,350.00 8 Wages Payable 140.00 9 Unearned Revenue 3,600.00 10 Common Stock 9,000.00 11 Dividends 1.750.00 12 Fees Eamed 21,200.00 2.940.00 2.550.00 1,375.00 13 Wages Expense 14 Office Rent Expense 15 Equipment Rent Expense 16 Utilities Expense 1 Music Expense 18 Advertising Expense 19 Supplies Expense Insurance Expense 1.215.00 3.610.00 1.500.00 925.00 225.00 Continuing Problem - Chapter 4 Chart of Accounts Labels and Amount Descriptions Income Statement Instructions 20 Insurance Expense 225.00 50.00 21 Depreciation Expense 21 Miscellaneous Experise 1.855.00 13 Totals 42,340.00 42,340.00 Required: 1. (Optional) Using the data from Chapter 3, prepare an end-ofperiod spreadsheet on a sheet of paper or using spreadsheet software 2. Prepare an income statement, a retained earnings statement, and a balance sheet 3. A Journalze the closing entries. Refer to the Chart of Accounts for exact wording of account titles B. Post the closing entries. The income summary account is w34 in the ledger of PS Music Indicate closed accounts by inserting a 0 (zero) in ether of the Balance columns opposite the closing entry No entry is required in the item column 4. Prepare a post-closing trial balance. For guidance in completing the financial statements, be sure to read the instructions above each statement carefully