The unadjusted trial balance of Dancin Music as of May 31, 2008, along with the adjustment data for the two months ended May 31, 2008.

Based upon the adjustment data, the adjusted trial balance shown at the top of the following page was prepared.

Instructions

1. Optional. Using the data from Chapter 3, prepare an end-of-period spreadsheet (work sheet).

2. Prepare an income statement, a statement of owner's equity, and a balance sheet.

3. Journalize and post the closing entries. The income summary account is #33 in the ledger of Dancin Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.
4. Prepare a post-closing trialbalance.

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Dancin Music Adjusted Trial Balance May 31, 2008 Credit Balances Balances Cash Accounts Receivable. 2,085 4,250 160 3,080 5,000 Prepaid Insurance. Accumulated Depreciation-Office Equipment.... Accounts Payable 1 Unearned Revenue Kris Payne, Capital.... Kris Payne, Drawing.. 2,400 12,500 1,300 18,550 Office Rent Expense Equipment Rent Expense Utilities Expense Music Expense 2,600 ...2,600 1,300 910 2,565 ..1,730 9 Insurance Expense . Depreciation Expense 100 39,500 39,500