Uany the data from Chapter 3 prepare an end-of-period spreadsheet on a sheet of paper or using spreadsheer software 2. Prepare an income statement, a statement of owner's equity, and a balance sheet (Note: Peyton Smith made investments in PS Music on June 1 and July 1, 2049)" 3. A. Journalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles CNOW journals do not use ines for Journal explanations. Every line on a journal page is used for debit or credit entries CNOW journals will automaticasy indent a credit andy when a credit amount is entered B. Post the closing entries. Record DATE, POST REF a debitor credit and a debitor credit under BALANCE on every line Leave ITEM blank In CNOW Journal pages do not begin with V For example journal page to POST REF is simply 10. if the ending balance is 50 at least one balance amount should be so 4. Prepare a post-closing trial balance "For guidance in completing the financial statements, be sure to read the instructions above each statement carefully Uany the data from Chapter 3 prepare an end-of-period spreadsheet on a sheet of paper or using spreadsheer software 2. Prepare an income statement, a statement of owner's equity, and a balance sheet (Note: Peyton Smith made investments in PS Music on June 1 and July 1, 2049)" 3. A. Journalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles CNOW journals do not use ines for Journal explanations. Every line on a journal page is used for debit or credit entries CNOW journals will automaticasy indent a credit andy when a credit amount is entered B. Post the closing entries. Record DATE, POST REF a debitor credit and a debitor credit under BALANCE on every line Leave ITEM blank In CNOW Journal pages do not begin with V For example journal page to POST REF is simply 10. if the ending balance is 50 at least one balance amount should be so 4. Prepare a post-closing trial balance "For guidance in completing the financial statements, be sure to read the instructions above each statement carefully PS Music General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies 15 Prepaid Insurance 17 Office Equipment 18 Accumulated Depreciation Office Equipment EXPENSES 50 Wages Expense 51 Office Rent Expense 52 Equipment Rent Expense 53 Utilities Expense LIABILITIES 21 Accounts Payable 22 Wages Payable 23 Unearned Revenue 54 Music Expense 55 Advertising Expense 56 Supplies Expense 57 Insurance Expense 58 Depreciation Expense 59 Miscellaneous Expense EQUITY 31 Peyton Smith, Capital 32 Peyton Smith, Drawing El Capital 9000.00 11 Peyton Smith, Drawing 1.750.00 12 Fees Earned 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 1,215.00 3.610.00 1.500.00 925.00 20 Insurance Expense 225.00 3 50.00 22 Depreciation Expense 22 Miscellaneous Expense 1,855,00 23 Totals 42,340.00 42,340.00 wiredo PS Music ADJUSTED TRIAL BALANCE July 31, 2049 ACCOUNT TITLE DEBIT CREDIT 1 Cash 9,945.00 2 Accounts Receivable 4.150.00 275.00 2.475.00 7.500.00 50.00 3 Supplies Prepaid Insurance 5 Office Equipment Accumulated Depreciation Office Equipment * Accounts Payable + Wages Payable Unearned Revenue 23 Peyton Smith, Capital 11 Peyton Smith Drawing 8,550,00 140.00 3.600.00 9,000.00 1.750,00 Fees Earned 21,200.00 2.940.00 11 Wages Expense De Office Rent Expert 11 Equipment Rent pense 2.550.00 1.575.00 Labels Current assets Current liabilities Expenses For the Two Months Ended July 31, 2049 July 31, 2019 Property, plant, and equipment Amount Descriptions Decrease in owner's equity Increase in owner's equity Investments during the two months Peyton Smith, capital, June 1, 2019 Peyton Smith, capital, July 31, 2049 Net income Net loss Total assets Total current assets Total expenses Total liabilities