The unadjusted trial balance of PS Music as of July 31, 2014, along with the adjustment data for the two months ended July 31, 2014, are shown below. Based upon the adjustment data, the adjusted trial balance shown below 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 retained earnings statement, and a balance sheet.
3. Journalize and post the closing entries. The income summary account is #34 in the ledger of PS 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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PS Music Adjusted Trial Balance July 31, 2014 Debit Balances Credit Balances Cash 9,945 Accounts Receivable. 4,150 ....275 50 8,350 140 3,600 9,000 Accounts Payable 1,750 Fees Earned 21,200 .. . 2,550 42,340 42,340