Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Ps music continuing problem answers

29/12/2020 Client: saad24vbs Deadline: 3 days

The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows:


PS Music


UNADJUSTED TRIAL BALANCE


July 31, 2016


ACCOUNT TITLE


DEBIT


CREDIT


1


Cash


9,945.00


2


Accounts Receivable


2,750.00


3


Supplies


1,020.00


4


Prepaid Insurance


2,700.00


5


Office Equipment


7,500.00


6


Accounts Payable


8,350.00


7


Unearned Revenue


7,200.00


8


Common Stock


9,000.00


9


Dividends


1,750.00


10


Fees Earned


16,200.00


11


Wages Expense


2,800.00


12


Office Rent Expense


2,550.00


13


Equipment Rent Expense


1,375.00


14


Utilities Expense


1,215.00


15


Music Expense


3,610.00


16


Advertising Expense


1,500.00


17


Supplies Expense


180.00


18


Miscellaneous Expense


1,855.00


19


Totals


40,750.00


40,750.00


The data needed to determine adjustments are as follows:




During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. Since the company only contracted for 80 hours per month, make an adjusting entry to accrue the additional 35 hours of service. NOTE: The unearned revenue account will not be affected in this adjustment. For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3, 2016, transaction at the end of Chapter 2.*




Supplies on hand at July 31, $275.




The balance of the prepaid insurance account relates to the July 1, 2016, transaction at the end of Chapter 2.*




Depreciation of the office equipment is $50.




The balance of the unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3, 2016, transaction at the end of Chapter 2.*




Accrued wages as of July 31, 2016, were $140.


*The chapter 2 list of transactions are included in a separate panel of this problem for your convenience.


1.


Prepare adjusting journal entries on page 3 of the journal. (Please note that pages 1 and 2 show the transactions that were recorded in Continuing Problem 2 from chapter 2.) Refer to the Chart of Accounts for exact wording of account titles. Note that Chart of Accounts has the following additional accounts: 18 Accumulated Depreciation-Office Equipment; 22 Wages Payable; 57 Insurance Expense; 58 Depreciation Expense.


2.


Post the adjusting entries, inserting balances in the accounts affected. Do not enter anything in the Item column. Indicate a zero balance by inserting a 0 (zero) in either of the Balance columns opposite the adjusting entry.


3.


Prepare an adjusted trial balance.


Chapter 2 transactions:


Jul.


1


Peyton Smith made an additional investment in PS Music in exchange for common stock by depositing $5,000 in PS Music’s checking account.


1


Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, $1,750.


1


Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period.


2


Received $1,000 on account.


3


On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of $3,600. Any additional hours beyond 80 will be billed to KXMD at $40 per hour. In accordance with the contract, Peyton received $7,200 from KXMD as an advance payment for the first two months.


3


Paid $250 on account.


4


Paid an attorney $900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.)


5


Purchased office equipment on account from Office Mart, $7,500.


8


Paid for a newspaper advertisement, $200.


11


Received $1,000 for serving as a disc jockey for a party.


13


Paid $700 to a local audio electronics store for rental of digital recording equipment.


14


Paid wages of $1,200 to receptionist and part-time assistant.


16


Received $2,000 for serving as a disc jockey for a wedding reception.


18


Purchased supplies on account, $850.


21


Paid $620 to Upload Music for use of its current music demos in making various 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, 2016.


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, 2016.


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


Paid dividends, $1,250.


X


Chart of Accounts


CHART OF ACCOUNTS


PS Music


General Ledger


ASSETS


11


Cash


12


Accounts Receivable


14


Supplies


15


Prepaid Insurance


17


Office Equipment


18


Accumulated Depreciation-Office Equipment


LIABILITIES


21


Accounts Payable


22


Wages Payable


23


Unearned Revenue


EQUITY


31


Common Stock


33


Dividends


REVENUE


41


Fees Earned


EXPENSES


50


Wages Expense


51


Office Rent Expense


52


Equipment Rent Expense


53


Utilities Expense


54


Music Expense


55


Advertising Expense


56


Supplies Expense


57


Insurance Expense


58


Depreciation Expense


59


Miscellaneous Expense


Journal:


1. Prepare adjusting journal entries. (Please note that pages 1 and 2 show the transactions that were recorded in Continuing Problem 2 from chapter 2.) Refer to the Chart of Accounts for exact wording of account titles. Note that Chart of Accounts has the following additional accounts: 18 Accumulated Depreciation-Office Equipment; 22 Wages Payable; 57 Insurance Expense; 58 Depreciation Expense.


Journal is set up with the following columns:


Date: Description: Post Ref: Debit Credit


I need page 3 set up only, (adjusting entries), as pages one and two are done.


3. Prepare an adjusted trial balance.


PS Music


ADJUSTED TRIAL BALANCE


July 31, 2016


ACCOUNT TITLE


DEBIT


CREDIT


1


Cash


2


Accounts Receivable


3


Supplies


4


Prepaid Insurance


5


Office Equipment


6


Accumulated Depreciation-Office Equipment


7


Accounts Payable


8


Wages Payable


9


Unearned Revenue


10


Common Stock


11


Dividends


12


Fees Earned


13


Wages Expense


14


Office Rent Expense


15


Equipment Rent Expense


16


Utilities Expense


17


Music Expense


18


Advertising Expense


19


Supplies Expense


20


Insurance Expense


21


Depreciation Expense


22


Miscellaneous Expense


23


Totals



Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Homework Guru
Best Coursework Help
University Coursework Help
Helping Hand
Writer Writer Name Offer Chat
Homework Guru

ONLINE

Homework Guru

Hi dear, I am ready to do your homework in a reasonable price and in a timely manner.

$62 Chat With Writer
Best Coursework Help

ONLINE

Best Coursework Help

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$60 Chat With Writer
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$60 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Discussion 2: Topic Structures for Not-for-Profit Organizations - Business document design and development strategy - Berber carpet price per square foot installed - Data modeling comparison - Timeshare exchange fair a - Monica and joey kiss - Why is some risk diversifiable and some not diversifiable - Akmal house byron bay - Business Ethics and Strategy - Action genre codes and conventions - Would each of the following transactions be included - X ray vision lights - What is advanced mathematical decision making - Httprecipes login - 708 brazos court mission texas 78572 - Rockettes requirements for height weight - Density of a gummy bear - South staffordshire bin collection - In a prominent bar in secaucus one day tone - Chcdiv002 assessment 2 answers - 01.14 beginning your narrative banquo has been murdered prezi - Nike product life cycle stage - Medicare pki individual certificate - Colorado energy skate park - Navajos wear nikes chapter summaries - Special right triangles and the unit circle - How medical technology shapes society - Farmville 2 country escape crop silo - Common base year financial statements - Chapter one - The hobbyist timber supply store - What are skill components - Muskegon tool industries inc - 2 separate training and development assignments? - Zimmer knee replacement mri protocol - Othello tragic hero essay - Kinematic viscosity reynolds number - Jonathan valin listening room - Complete portfolio formula - Join the roman army - Could someone complete this assignment - Fundamental methods of mathematical economics by alpha c chiang - Data analysis practice questions - Why is investment demand curve downward sloping - How to create aon diagram in excel - Celta assignment 2 language skills related tasks - The ideal of “cuba libre” encompassed independence from spain and - 1.1 nouns and articles crossword answers - Week 4 Reflection - Assumptions in truss analysis - Unit 12 it technical support - Rotary club of strathfield - Tel comm tek tct case analysis - Forces and motion - Functional language lesson plan - Assignment Due In less than an Hour! - Animal farm chapter 6 - Modern garden architecture ppt - 50-100 Word Discussion Reply - Condensed financial data of pat metheny company for 2014 and 2013 are presented below. - Epic mycenturahealth mch billing guest pay - Bachelor of commerce and bachelor of laws mq - My last duchess essay pdf - Goal seeking analysis in dss - How to find horizon value - MGT 365 week 3 Discussion - Where in the chloroplast does the calvin cycle take place - Classification and Bargaining - Apta it cctv rp 001 11 - Beta layout design rules - Traten amablemente a la policía. - What is a sample space diagram - Comprehensive problem 1 accounting - General trading company profile doc - Working at heights swms nsw - 1 minute manager summary - Research Paper - Me talk pretty one day critical analysis essay - Silvikrin shampoo in pakistan - Empirnall holdings v machon - OB Paper - Women’s Health Case Study - Summery - Business continuity and disaster recovery_8/10_1 - Catholic church admits they changed the sabbath - St john action plan - The platinum rule admonishes us to - Case Study - Crane load test certificate sample - Week 6 - Show that the formula mass of nacl is - Mcmi iii questionnaire pdf - Clean inc cleans and waxes floors for commercial customers - Assignment 2 - Waves on a string - Griffith city cinemas website - Coles kellyville plaza - 150 cm in feet height - Magazine Links/Assignment - Renaming fractions as decimals