Lab Question - Accounting

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Continuing Problem Chapter 4 - Instruction #1

The adjusted trial balance of PS Music as of July 31, 20Y5 is shown below:


Account	Account No.	Debit Balances	Credit Balances
Cash	11	9,945
Accounts Receivable	12	4,150
Supplies	14	275
Prepaid Insurance	15	2,475
Office Equipment	17	7,500
Accumulated Depreciation-Office Equipment	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
Music Expense	54	3,610
Wages Expense	50	2,940
Office Rent Expense	51	2,550
Advertising Expense	55	1,500
Equipment Rent Expense	52	1,375
Utilities Expense	53	1,215
Supplies Expense	56	925
Insurance Expense	57	225
Depreciation Expense	58	50
Miscellaneous Expense	59	1,855
Total		42,340	42,340

a. Prepare an income statement for the two months ended July 31, 20Y5.

PS Music Income Statement For the Two Months Ended July 31, 20Y5
Line Item Description	Amount	Amount
		$fill in the blank 2
Expenses:
	$fill in the blank 4
	fill in the blank 6
	fill in the blank 8
	fill in the blank 10
	fill in the blank 12
	fill in the blank 14
	fill in the blank 16
	fill in the blank 18
	fill in the blank 20
	fill in the blank 22
Total Expenses		fill in the blank 23
		$fill in the blank 25

b. Prepare a statement of stockholders’ equity for the two months ended July 31, 20Y5. (Note: Peyton Smith made investments in PS Music on June 1 and July 1, 20Y5.) If an amount is zero, enter in a "0". If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.

PS MUSIC Statement of Stockholders’ Equity For the Two Months Ended July 31, 20Y5
Line Item Description	Common Stock	Retained Earnings	Total
	$fill in the blank 27	$fill in the blank 28	$fill in the blank 29
	fill in the blank 31	fill in the blank 32	fill in the blank 33
	fill in the blank 35	fill in the blank 36	fill in the blank 37
	fill in the blank 39	fill in the blank 40	fill in the blank 41
	$fill in the blank 43	$fill in the blank 44	$fill in the blank 45

c. Prepare a classified balance sheet as of July 31, 20Y5.

PS MUSIC Balance Sheet July 31, 20Y5
Line Item Description	Amount	Amount
Assets
Current Assets:
	$fill in the blank 47
	fill in the blank 49
	fill in the blank 51
	fill in the blank 53
Total Current Assets		$fill in the blank 54
Property, Plant, and Equipment:
	$fill in the blank 56
	fill in the blank 58
Total Property, Plant, and Equipment		fill in the blank 59
Total Assets		$fill in the blank 60
Liabilities
Current Liabilities:
	$fill in the blank 62
	fill in the blank 64
	fill in the blank 66
Total Liabilities		$fill in the blank 67
Stockholders' Equity
	$fill in the blank 69
	fill in the blank 71
Total stockholders' equity		fill in the blank 72
Total liabilities and stockholders' equity		$fill in the blank 73

Continuing Problem Chapter 4 - Instruction #2

Journalize the closing entries. Include Posting References, using the account numbers in your spreadsheet. The retained earnings account is #32 in the ledger of PS Music. Refer to your answers from Chapter 4, Part 1 to complete this part.

If an amount box does not require an entry, leave it blank.

DATE	ACCOUNT	POST. REF.	DEBIT	CREDIT
20Y5	Closing Entries
		fill in the blank 3	fill in the blank 4	fill in the blank 5
		fill in the blank 7	fill in the blank 8	fill in the blank 9
		fill in the blank 11	fill in the blank 12	fill in the blank 13
		fill in the blank 15	fill in the blank 16	fill in the blank 17
		fill in the blank 19	fill in the blank 20	fill in the blank 21
		fill in the blank 23	fill in the blank 24	fill in the blank 25
		fill in the blank 27	fill in the blank 28	fill in the blank 29
		fill in the blank 31	fill in the blank 32	fill in the blank 33
		fill in the blank 35	fill in the blank 36	fill in the blank 37
		fill in the blank 39	fill in the blank 40	fill in the blank 41
		fill in the blank 43	fill in the blank 44	fill in the blank 45
		fill in the blank 47	fill in the blank 48	fill in the blank 49

DATE	ACCOUNT	POST. REF.	DEBIT	CREDIT
		fill in the blank 52	fill in the blank 53	fill in the blank 54
		fill in the blank 56	fill in the blank 57	fill in the blank 58

Continuing Problem Chapter 4 - Instruction #3

Post the closing entries completed in Chapter 4 Part 2 to the ledgers in the spreadsheet you saved in Chapter 3 Part 2. Extend the account balance to the appropriate balance column after each posting. The retained earnings account is #32 in the ledger of PS Music. Be sure to save your work in the spreadsheet.

Chapter 4 - Instruction #4

Prepare a post-closing trial balance as of July 31, 20Y5.

Refer to the spreadsheet that you used to post the closing entries in Chapter 4, Part 3.

If an amount box does not require an entry, leave it blank.

PS Music Post-Closing Trial Balance July 31, 20Y5
Account	Debit Balances	Credit Balances
	fill in the blank 2	fill in the blank 3
	fill in the blank 5	fill in the blank 6
	fill in the blank 8	fill in the blank 9
	fill in the blank 11	fill in the blank 12
	fill in the blank 14	fill in the blank 15
	fill in the blank 17	fill in the blank 18
	fill in the blank 20	fill in the blank 21
	fill in the blank 23	fill in the blank 24
	fill in the blank 26	fill in the blank 27
	fill in the blank 29	fill in the blank 30
	fill in the blank 32	fill in the blank 33
Total	fill in the blank 34	fill in the blank 35