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

Instructions
1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet.
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 PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.
4. Prepare a post-closing trial balance.

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Debit Credit Balances Balances 9,945 4,150 Accounts Receivable Supplies.. .. Prepaid Insurance... Office Equipment.... Accumulated Depreciation-Office Equipment.... Accounts Payable.... 2,475 7,500 50 8,350 140 3,600 9,000 Peyton Smith, Capital Peyton Smith, Drawing 1,750 21,200 3,610 2,940 2,550 1,500 1,375 1,215 925 225 50 1855 42,340 Wages Expense Office Rent Expense... Advertising Expense.... Equipment Rent Expense Utilities Expense... Insurance Expense Depreciation Expense Miscellaneous Expense 42,340