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CH4 Homework

ACCT2301 PRINCIPLES OF ACCOUNTING I - Fall 2023
WEEKS 8 and 9 - Homework Assignment (CH4)
Assignment due by Sunday, October 15, 2023
Peyton Smith Music
The unadjusted trial balance of PS Music as of July 31, 20Y5, along with the adjustment data for the two months ended July 31, 20Y5, are shown in Chapter 3.
Based upon the adjustment data, the following adjusted trial balance was prepared:
PS Music
Unadjusted Trial Balance
July 31, 20Y5
Account No. Debit Balances Credit Balances
Cash 11 9,945
Account Receivable 12 4,150
Supplies 14 275
Prepaid Insruance 15 2,475
Office Equipment 17 7,500
Accumulated Depreciation-Office Equip 18 50
Accounts Payable 21 8,350
Wages Payable 22 140
Unearned Revenue 23 3,600
Common Stock 31 9,000
Dividends 33 1,750
Fees Earned 41 21,200
Wages Expense 50 2,940
Office Rent Expense 51 2,550
Equipment Rent Expense 52 1,375
Utilities Expense 53 1,215
Music Expense 54 3,610
Advertising Expense 55 1,500
Supplies Expense 56 925
Insurance Expense 57 225
Depreciation 58 50
Miscellaneous Expense 59 1,855
42,340 42,340
Instructions:
1. Prepare an income sttement, a statement of stockholders' equity, and a balance sheet referring to the Worksheet above.
2. Journalize and post the closing entries. The retained earnings account is #32 in the ledger of PS Music.
3. Prepare a post-closing trial balance.
1 PS Music
Income Statement
For the Two Months Ended July 31, 20Y5
Fees earned $ - 0
Expenses:
Music expense $ - 0
Wages expense - 0
Office rent expense - 0
Advertising - 0
Equipment rent expense - 0
Utilities expense - 0
Supplies - 0
Insurance expense - 0
Depreciation expense - 0
Miscellaneous expense - 0
Total expenses - 0
Net Income $ - 0
PS Music
Statement of Stockholders' Equity
For the Two Months Ended July 31, 20Y5
Common Retained
Stock Earnings Total
Balances, June 1, 20Y5 $ - 0 $ - 0 $ - 0
Issued common stock - 0 - 0 - 0
Net Income - 0 - 0 - 0
Dividends - 0 - 0 - 0
Balances, June 31, 20Y5 $ - 0 $ - 0 $ - 0
PS Music
Balance Sheet
July 31, 20Y5
Assets
Current assets:
Cash $ - 0
Accounts receivable - 0
Supplies - 0
Prepaid insurance - 0
Total current assets $ - 0
Property , plant, and equipment:
Office equipment $ - 0
Accumulated depreciation-office equipment - 0
Total property, plant & equipment - 0
Total assets $ - 0
Liabilities
Current liabilities:
Accounts payable $ - 0
Wages payable - 0
Unearned revenue - 0
Total liabilities $ - 0
Stockholders' Equity
Common stock $ - 0
Retained earnings - 0
Total stockholders' equity
Total liabilities and stockholders' equity $ - 0
2 JOURNAL Page 4
Date Description (Account Name) Post. Ref. Debit Credit
20Y5
July 31 Fees Earned - 0 - 0
Wages Expense - 0 - 0
Office Rent Expense - 0 - 0
Equipment Rent Expense - 0 - 0
Utilities Expense - 0 - 0
Music Expense - 0 - 0
Advertising Expense - 0 - 0
Supplies Expense - 0 - 0
Insurance Expense - 0 - 0
Depreciation Expense - 0 - 0
Miscellaneous Expense - 0 - 0
Retained Earnings
31 Retained Earnings - 0 - 0
Dividends - 0 - 0
2 ACCOUNT: Cash Account No. 11
Date Description (Leave Blank) Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 3,920 - 0
1 1 5,000 - 0 8,920 - 0
1 1 - 0 1,750 7,170 - 0
1 1 - 0 2,700 4,470 - 0
2 1 1,000 - 0 5,470 - 0
3 1 7,200 - 0 12,670 - 0
3 1 - 0 250 12,420 - 0
4 1 - 0 900 11,520 - 0
8 1 - 0 200 11,320 - 0
11 1 1,000 - 0 12,320 - 0
13 1 - 0 700 11,620 - 0
14 1 - 0 1,200 10,420 - 0
16 2 2,000 - 0 12,420 - 0
21 2 - 0 620 11,800 - 0
22 2 - 0 800 11,000 - 0
23 2 750 - 0 11,750 - 0
27 2 - 0 915 10,835 - 0
28 2 - 0 1,200 9,632 - 0
29 2 - 0 540 9,095 - 0
30 2 500 - 0 9,595 - 0
31 2 3,000 - 0 12,595 - 0
31 2 - 0 1,400 11,195 - 0
31 2 - 0 1,250 9,945 - 0
ACCOUNT: Accounts Receivable Account No. 12
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 1,000 - 0
2 1 - 0 1,000 - 0 - 0
23 2 1,750 - 0 1,750 - 0
30 2 1,000 2,750
31 Adjusting 3 1,400 - 0 4,150 - 0
ACCOUNT: Supplies Account No. 14
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 170 - 0
18 2 850 1,020
31 Adjusting 3 - 0 745 275 - 0
ACCOUNT: Prepaid Insurance Account No. 15
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 1 2,700 2,700
31 Adjusting 3 - 0 225 2,475 - 0
ACCOUNT: Office Equipment Account No. 17
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 5 1 7,500 - 0 7,500 - 0
ACCOUNT: Accumulated Depreciation-Office Equipment Account No. 18
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 31 Adjusting 3 - 0 50 - 0 50
ACCOUNT: Accounts Payable Account No. 21
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 - 0 250
3 1 250 - 0 - 0 - 0
5 1 - 0 7,500 - 0 7,500
18 2 - 0 850 - 0 8,350
ACCOUNT: Wages Payable Account No. 23
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 31 Adjusting 3 - 0 140 - 0 140
ACCOUNT: Unearned Revenue Account No. 23
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 3 1 - 0 7,200 - 0 7,200
July 31 Adjusting 3 3,600 - 0 - 0 3,600
ACCOUNT: Common Stock Account No. 31
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 - 0 4,000
1 1 - 0 5,000 - 0 9,000
ACCOUNT: Retained Earnings Account No. 32
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 - 0 - 0
31 Closing - 0 - 0 - 0 - 0
31 Closing - 0 - 0 - 0 - 0
ACCOUNT: Dividends Account No. 33
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 500 - 0
31 2 1,250 - 0 1,750
31 Closing - 0 - 0 - 0 - 0
ACCOUNT: Fees Earned Account No. 41
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 - 0 6,200
11 1 - 0 1,000 - 0 7,200
16 2 - 0 2,000 - 0 9,200
23 2 - 0 2,500 - 0 11,700
30 2 - 0 1,500 - 0 13,200
31 2 - 0 3,000 - 0 16,200
31 Adjusting 3 - 0 1,400 - 0 17,600
31 Adjusting 3 - 0 3,600 - 0 21,200
31 Closing - 0 - 0 - 0 - 0
ACCOUNT: Wages Expense Account No. 50
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 400 - 0
14 1 1,200 - 0 1,600 - 0
28 2 1,200 2,800
31 Adjusting 3 140 - 0 2,940 - 0
31 Closing - 0 - 0 - 0 - 0
ACCOUNT: Office Rent Expense Account No. 51
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 800 - 0
1 1 1,750 - 0 2,550 - 0
31 Closing - 0 - 0 - 0 - 0
ACCOUNT: Equipment Rent Expense Account No. 52
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 675 - 0
13 1 700 - 0 1,375 - 0
31 Closing - 0 - 0 - 0 - 0
ACCOUNT: Utilities Expense Account No. 53
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 300 - 0
27 2 915 - 0 1,215 - 0
31 Closing - 0 - 0 - 0 - 0
ACCOUNT: Music Expense Account No. 54
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 1,590 - 0
21 2 620 - 0 2,210 - 0
31 2 1,400 - 0 3,610 - 0
31 Closing - 0 - 0 - 0 - 0
ACCOUNT: Advertising Expense Account No. 55
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 - 0 500 - 0
8 1 200 - 0 700 - 0
22 2 800 - 0 1,500 - 0
31 Closing - 0 - 0 - 0 - 0
ACCOUNT: Supplies Expense Account No. 56
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 1 Balance √ - 0 180 - 0
31 Adjusting 3 745 - 0 925 - 0
31 Closing - 0 - 0 - 0 - 0
ACCOUNT: Insurance Expense Account No. 57
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 31 Adjusting 3 225 - 0 225 - 0
31 Closing - 0 - 0 - 0 - 0
ACCOUNT: Depreciation Expense Account No. 58
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y5
July 31 Adjusting 3 50 - 0 50 - 0
31 Closing - 0 - 0 - 0 - 0
ACCOUNT: Miscellaneous Expense Account No. 59
Date Description Post. Ref. Debit Credit Balance
Debit Credit
20Y9
July 1 Balance √ - 0 - 0 415 - 0
4 1 900 - 0 1,315 - 0
29 2 540 - 0 1,855 - 0
31 Closing - 0 - 0 - 0 - 0
3 PS Music
Post-Closing Trial Balance
July 31, 20Y5
Account No. Debit Balances Credit Balances
Cash - 0 - 0
Accounts receivable - 0 - 0
Supplies - 0 - 0
Prepaid Insurance - 0 - 0
Office Equipment - 0 - 0
Accumulated Depreciation-Office Equip. - 0 - 0
Accounts Payable - 0 - 0
Wages Payable - 0 - 0
Unearned Revenue - 0 - 0
Common Stock - 0 - 0
Retained Earnings - 0 - 0
- 0 - 0

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