Create an income statement based on the following information.

The unadjusted trial balance of PS Music as of July 31, 2016, along with the adjustment data for the two months ended July 31, 2016, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared:

PS Music

ADJUSTED TRIAL BALANCE

July 31, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	9,945.00
2	Accounts Receivable	4,150.00
3	Supplies	275.00
4	Prepaid Insurance	2,475.00
5	Office Equipment	7,500.00
6	Accumulated Depreciation-Office Equipment		50.00
7	Accounts Payable		8,350.00
8	Wages Payable		140.00
9	Unearned Revenue		3,600.00
10	Peyton Smith, Capital		9,000.00
11	Peyton Smith, Drawing	1,750.00
12	Income Summary
13	Fees Earned		21,200.00
14	Wages Expense	2,940.00
15	Office Rent Expense	2,550.00
16	Equipment Rent Expense	1,375.00
17	Utilities Expense	1,215.00
18	Music Expense	3,610.00
19	Advertising Expense	1,500.00
20	Supplies Expense	925.00
21	Insurance Expense	225.00
22	Depreciation Expense	50.00
23	Miscellaneous Expense	1,855.00
24	Totals	42,340.00	42,340.00