In a safe place for future PS Music's chart of accounts and the balance of accounts...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In a safe place for future PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash $3,920 41 Fees Earned $6,200 12 Accounts Receivable 50 Wages Expense 1,000 400 14 Supplies 170 51 Office Rent Expense 800 15 Prepaid Insurance 52 Equipment Rent Expense 675 17 Office Equipment 53 Utilities Expense 300 21 Accounts Payable 250 54 Music Expense 1,590 500 23 Unearned Revenue SS Advertising Expense 180 4,000 56 Supplies Expense 31 Peyton Smith, Capital 415 50 59 Miscellaneous Expense 32 Peyton Smith, Drawing Required: Review the spreadsheet and notice that the July 1, 2019, account balances have been entered in the appropriate balance column of the four-column accounts. The word Balance has been entered in the Item column, and a check mark (v) has beer entered in the Posting Reference column. 100% Continuing Problem Chapter 2-Instruction #3 Post the journal entries completed in Chapter 2 Part 2 to the ledgers in the spreadsheet you saved in Chapter 2 Part 1. When entering the Posting References, use journal page 1 for transactions from July 1-14, and use journal page 2 for transactions from July 16-31. Extend the account balance to the appropriate balance column after each posting. Be sure to save your work in the spreadsheet. Enter the following transactions on Page 2 of the two-column journal: 16. Received $2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, $850. (Continued) mapter 2 Analyzing Transactions July 21. Paid $620 to Upload Music for use of its current music demos in making varl ous music sets. 22. Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for $2,500. Received $750, with the remainder due August 4, 2019. 27. Paid electric bill, $915. 28. Paid wages of $1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, $540. 30. Served as a disc jockey for a charity ball for $1,500. Received $500, with the remainder due on August 9, 2019. 31. Received $3,000 for serving as a disc jockey for a party. 31. Paid $1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew $1,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: $3,920 1,000 170 41 Fees Earned $6,200 11 Cash 12 Accounts Receivable 50 Wages Expense pu 400 51 Office Rent Expense 52 Equipment Rent Expense 53 Utilities Expense 54 Music Expense 800 14 Supplies 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 675 300 250 1,590 55 Advertising Expense 56 Supplies Expense 59 Miscellaneous Expense S00 180 415 23 Unearned Revenue 31 Peyton Smith, Capital 32 Peyton Smith, Drawing 4,000 500 Instructions 1. Enter the July 1, 2019, account balances in the appropriate balance column of a four- column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate bal- ance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2019. - Projects Refer to your answers from Chapter 2, Part 3 to complete this part. Prepare an unadjusted trial balance as of July 31, 2019. If an amount box does not require an entry, leave it blank. PS Music Unadjusted Trial Balance July 31, 2019 Debit Balances Credit Balances Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accounts Payable Unearned Revenue Peyton Smith, Capital Peyton Smith, Drawing Fees Earned Wages Expense 100% Supplies Prepaid Insurance Office Equipment Accounts Payable Unearned Revenue Peyton Smith, Capital Peyton Smith, Drawing Fees Earned Wages Expense Office Rent Expense Equipment Rent Expense Utilities Expense Music Expense Advertising Expense Supplies Expense Miscellaneous Expense In a safe place for future PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash $3,920 41 Fees Earned $6,200 12 Accounts Receivable 50 Wages Expense 1,000 400 14 Supplies 170 51 Office Rent Expense 800 15 Prepaid Insurance 52 Equipment Rent Expense 675 17 Office Equipment 53 Utilities Expense 300 21 Accounts Payable 250 54 Music Expense 1,590 500 23 Unearned Revenue SS Advertising Expense 180 4,000 56 Supplies Expense 31 Peyton Smith, Capital 415 50 59 Miscellaneous Expense 32 Peyton Smith, Drawing Required: Review the spreadsheet and notice that the July 1, 2019, account balances have been entered in the appropriate balance column of the four-column accounts. The word Balance has been entered in the Item column, and a check mark (v) has beer entered in the Posting Reference column. 100% Continuing Problem Chapter 2-Instruction #3 Post the journal entries completed in Chapter 2 Part 2 to the ledgers in the spreadsheet you saved in Chapter 2 Part 1. When entering the Posting References, use journal page 1 for transactions from July 1-14, and use journal page 2 for transactions from July 16-31. Extend the account balance to the appropriate balance column after each posting. Be sure to save your work in the spreadsheet. Enter the following transactions on Page 2 of the two-column journal: 16. Received $2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, $850. (Continued) mapter 2 Analyzing Transactions July 21. Paid $620 to Upload Music for use of its current music demos in making varl ous music sets. 22. Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for $2,500. Received $750, with the remainder due August 4, 2019. 27. Paid electric bill, $915. 28. Paid wages of $1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, $540. 30. Served as a disc jockey for a charity ball for $1,500. Received $500, with the remainder due on August 9, 2019. 31. Received $3,000 for serving as a disc jockey for a party. 31. Paid $1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew $1,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: $3,920 1,000 170 41 Fees Earned $6,200 11 Cash 12 Accounts Receivable 50 Wages Expense pu 400 51 Office Rent Expense 52 Equipment Rent Expense 53 Utilities Expense 54 Music Expense 800 14 Supplies 15 Prepaid Insurance 17 Office Equipment 21 Accounts Payable 675 300 250 1,590 55 Advertising Expense 56 Supplies Expense 59 Miscellaneous Expense S00 180 415 23 Unearned Revenue 31 Peyton Smith, Capital 32 Peyton Smith, Drawing 4,000 500 Instructions 1. Enter the July 1, 2019, account balances in the appropriate balance column of a four- column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate bal- ance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2019. - Projects Refer to your answers from Chapter 2, Part 3 to complete this part. Prepare an unadjusted trial balance as of July 31, 2019. If an amount box does not require an entry, leave it blank. PS Music Unadjusted Trial Balance July 31, 2019 Debit Balances Credit Balances Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accounts Payable Unearned Revenue Peyton Smith, Capital Peyton Smith, Drawing Fees Earned Wages Expense 100% Supplies Prepaid Insurance Office Equipment Accounts Payable Unearned Revenue Peyton Smith, Capital Peyton Smith, Drawing Fees Earned Wages Expense Office Rent Expense Equipment Rent Expense Utilities Expense Music Expense Advertising Expense Supplies Expense Miscellaneous Expense
Expert Answer:
Answer rating: 100% (QA)
16Received 2000 for the serving as a disc jockey for a wedding reception Cash 11 2000 Fees earned 41 ... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
Students also viewed these accounting questions
-
What is a chart of accounts and explain its role in the budgeting process?
-
(a) What is a chart of accounts and why is it important? (b) How does numbering the accounts help?
-
Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton has gained a local reputation for knowledge of music from classical to rap and the ability to put...
-
How many circuits are required to accommodate kitchen appliances in an average size home?
-
Why were commercial banks prohibited from underwriting corporate securities within the United States but not abroad? How can a depository institution engage in underwriting corporate securities today?
-
Given the growing popularity of video games among young people, one study examined how women are portrayed in these games (Dietz, 1998). Dr. Dietz was particularly interested in whether video games...
-
In some instances, a temporary restraining order can be granted ex parte (i.e., without notice to the other side) until a hearing for a preliminary injunction can be held. Further investigate CCP 527...
-
As the CPA for Gandara Manufacturing Inc., you have been asked to develop some key ratios from the comparative financial statements. This information is to be used to convince creditors that the...
-
Barbie owns a building in downtown Wilkes-Barre that houses a retail store selling clothing. Ken comes in one day and says "I love this building- I will offer you $500,000 for the building", also...
-
The Role of Influencer in Marketing 1a: Influencers Introducing Brands Briefly provide a thorough and detailed description of an experience (or the experience of someone ) with a brand that was...
-
You need to design a heater to preheat a gas fl owing into a chemical reactor. The inlet temperature is 27C and the inlet pressure is 50 bar. You desire to heat the gas to 227C and 50 bar. You are...
-
Do you believe that this proportion (payer mix) will change in the future? Why?
-
From your perspective, would there be a better grouping possible? If so, why do you think it is not used?
-
Catalyst particles in the outer layer of a tubular reactor exchange heat with the wall by radiation as well as by convection (a) For 1 / 4 -inch spherical catalyst beads at 390C and a wall...
-
Do you work with daily or weekly operating reports? With quarterly reports and statistics?
-
For each Accounting Equation (Assets = Liabilities + Stockholders' Equity) element, select the impact for each transaction 1. Owner investment of $30,000 [Select] into company 2. Purchased Assets...
-
When the concentration of a strong acid is not substantially higher than 1.0 10-7 M, the ionization of water must be taken into account in the calculation of the solution's pH. (a) Derive an...
-
Identify the similarities and differences between accounts payable and short-term notes payable.
-
CREIT (Canadian Real Estate Investment Trust) is a real-estate property management company. Its properties include retail, office, and industrial centres across Canada and in the U.S. It is a...
-
Valmont Limited purchased equipment on March 27, 2015, at a cost of $122,000. Management is contemplating the merits of using the diminishing-balance or units-of-production method of depreciation...
-
The state of stress stress at a critical point on a thin steel shell is shown. Determine if yielding has occurred using the maximum distortion energy theory. The yield stress for the steel is...
-
The state of strain at the point on the bracket has components of \(\epsilon_{x}=350\left(10^{-6} ight), \quad \epsilon_{y}=-860\left(10^{-6} ight)\), \(\gamma_{x y}=250\left(10^{-6} ight)\). Use the...
-
The state of strain at the point on the bracket has components of \(\epsilon_{x}=-130\left(10^{-6} ight), \quad \epsilon_{y}=280\left(10^{-6} ight)\), \(\gamma_{x y}=75\left(10^{-6} ight)\). Use the...
Study smarter with the SolutionInn App