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Hey, hope all is well. I’ve tried my best with the assignment. Can you go into the Excel sheet and finish the rest of the general ledger and the trial balance? Also, could you look over my general journal.
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Continuing Problem–Chapter 2
The transactions completed by PS Music during June 20Y5 were described at the end of Chapter 1. The following transactions were completed during July,
the second month of the business’s operations:
July 1
July 1
July 1
July 2
July 3
July 3
July 4
July 5
July 8
July 11
July 13
July 14
July 16
July 18
July 21
July 22
July 23
July 27
July 28
July 29
July 30
July 31
July 31
July 31
Peyton Smith made an additional investment in PS Music in exchange for common stock by depositing $5,000 in PS Music’s checking account.
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.
Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period.
Received $1,000 on account.
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.
Paid $250 on account.
Paid an attorney $900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.)
Purchased office equipment on account from Office Mart, $7,500.
Paid for a newspaper advertisement, $200.
Received $1,000 for serving as a disc jockey for a party.
Paid $700 to a local audio electronics store for rental of digital recording equipment.
Paid wages of $1,200 to receptionist and part-time assistant.
Received $2,000 for serving as a disc jockey for a wedding reception.
Purchased supplies on account, $850.
Paid $620 to Upload Music for use of its current music demos in making various music sets.
Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July.
Served as disc jockey for a party for $2,500. Received $750, with the remainder due August 4, 20Y5.
Paid electric bill, $915.
Paid wages of $1,200 to receptionist and part-time assistant.
Paid miscellaneous expenses, $540.
Served as a disc jockey for a charity ball for $1,500. Received $500, with the remainder due on August 9, 20Y5.
Received $3,000 for serving as a disc jockey for a party.
Paid $1,400 royalties (music expense) to National Music Clearing for use of various artists’ music during July.
Paid dividends, $1,250.
Required
1 Analyze and journalize each transaction in a two-column journal beginning on Page 2.
2 Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting.
3 Prepare an unadjusted trial balance as of July 31, 20Y5.
Check Figure: Total of Debit column: $40,750
GENERAL JOURNAL
DATE
DESCRIPTION
Page:
POST.
REF.
DEBIT
2
CREDIT
1 20Y5
2 july
1 cash
3
11
Common Stock
4
5,000.00
31
5,000.00
July 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.
July 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.
P. Smith deposited cash in exchange for stock
Paid rent for July, $1,750.
5
6
1 Rent expense
51
7
cash
11
8
1,750.00
1,750.00
July 1
Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period.
July 2
Received $1,000 on account.
July 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.
paid rent for july
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
9
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
10
1 prepaid insuranse
15
11
cash
11
12
brought year liability policy
for the first two months.
2,700.00
13
14 july
2,700.00
2 Fees Earned
15
Received on account
41
1,000.00
11
1,000.00
16
17 july
3 Cash
18
Advanced Payment
7,200.00
19
7,200.00
20
21
22 july
3 Expense
23
250.00
Paid account
250.00
24
25 July
4
26
Miscellaneous Expense
900.00
paid attorney
900.00
27
28 july
5
29
Office Expense
Bought office space
7,500.00
30
31 july
Paid $250 on account.
July 4
Paid an attorney $900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.)
July 5
Purchased office equipment on account from Office Mart, $7,500.
July 8
Paid for a newspaper advertisement, $200.
July 11
Received $1,000 for serving as a disc jockey for a party.
July 13
Paid $700 to a local audio electronics store for rental of digital recording equipment.
July 14
Paid wages of $1,200 to receptionist and part-time assistant.
July 16
Received $2,000 for serving as a disc jockey for a wedding reception.
July 18
Purchased supplies on account, $850.
July 21
Paid $620 to Upload Music for use of its current music demos in making various music sets.
July 22
Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July.
July 23
Served as disc jockey for a party for $2,500. Received $750, with the remainder due August 4, 20Y5.
July 27
Paid electric bill, $915.
July 28
Paid wages of $1,200 to receptionist and part-time assistant.
July 29
Paid miscellaneous expenses, $540.
July 30
Served as a disc jockey for a charity ball for $1,500. Received $500, with the remainder due on August 9, 20Y5.
July 31
Received $3,000 for serving as a disc jockey for a party.
July 31
Paid $1,400 royalties (music expense) to National Music Clearing for use of various artists’ music during July.
July 31
Paid dividends, $1,250.
7,500.00
8
32
advertisement Expense
Paid 200 for a newspaper ad
Required
200.00
33
34 july
July 3
1 Analyze and journalize each transaction in a two-column journal beginning on Page 2.
200.00
11 Fees Earned
35
36
received for disc jokey for a party
2 Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting.
1,000.00
1,000.00
3 Prepare an unadjusted trial balance as of July 31, 20Y5.
37
Check Figure: Total of Debit column: $40,750
General Journal
GENERAL JOURNAL
DATE
1 july
DESCRIPTION
Page:
POST.
REF.
DEBIT
Paid for local audio equitment rental
700.00
3
4 july
700.00
14
5
Paid the receptionist
16
fees earned
Recived Serving as a Disc Jockey for a Wedding Reception
purchased supplies
850.00
Uploading music sets
620.00
620.00
22
17
Advertising expense
paid for local radio station ads
800.00
18
800.00
23
Fees earned
20
served as disc jokey
2,500.00
21
2,500.00
27 utilities expense
23
paid electric bills
915.00
24
915.00
28
26
Wages expense
Paid the receptionist and part time assistant
1,200.00
27
28 july
1,200.00
29
29
miscellaneous expense
Paid miscellaneous expense
540.00
30
31 july
On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months.
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.
850.00
15
25 july
Received $1,000 on account.
July 3
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
21 Music expense
14
22 july
Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period.
July 2
18 Supplies Expense
12
19 july
July 1
2,000.00
11
16 july
Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store.
2,000.00
9
13 july
Peyton Smith made an additional investment in PS Music in exchange for common stock by depositing $5,000 in PS Music’s checking account.
July 1
Paid rent for July, $1,750.
1,200.00
1,200.00
8
10 july
July 1
Wages expense
6
7 july
CREDIT
13 Rent expense
2
July 3
Paid $250 on account.
July 4
Paid an attorney $900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.)
July 5
Purchased office equipment on account from Office Mart, $7,500.
July 8
Paid for a newspaper advertisement, $200.
July 11
Received $1,000 for serving as a disc jockey for a party.
July 13
Paid $700 to a local audio electronics store for rental of digital recording equipment.
July 14
Paid wages of $1,200 to receptionist and part-time assistant.
July 16
Received $2,000 for serving as a disc jockey for a wedding reception.
July 18
Purchased supplies on account, $850.
July 21
Paid $620 to Upload Music for use of its current music demos in making various music sets.
July 22
Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July.
July 23
Served as disc jockey for a party for $2,500. Received $750, with the remainder due August 4, 20Y5.
July 27
Paid electric bill, $915.
July 28
Paid wages of $1,200 to receptionist and part-time assistant.
July 29
Paid miscellaneous expenses, $540.
July 30
Served as a disc jockey for a charity ball for $1,500. Received $500, with the remainder due on August 9, 20Y5.
July 31
Received $3,000 for serving as a disc jockey for a party.
July 31
Paid $1,400 royalties (music expense) to National Music Clearing for use of various artists’ music during July.
July 31
Paid dividends, $1,250.
540.00
30 Fees earned
32
33
34
served as disc jokey at a charity ball
Required
1,500.00
1 Analyze and journalize each transaction in a two-column journal beginning on Page 2.
1,500.00
2 Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting.
35
36
3 Prepare an unadjusted trial balance as of July 31, 20Y5.
37
Check Figure: Total of Debit column: $40,750
General Journal (2)
GENERAL JOURNAL
DATE
1 july
2
DESCRIPTION
Page:
POST.
REF.
DEBIT
CREDIT
31 fees earned
served as a disc jockey
3,000.00
3
3,000.00
4
5
31 Music expense
6
Paid royalties
1,400.00
7
1,400.00
8
9
10
31 Dividends
paid dividends
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
General Journal (3)
1,250.00
1,250.00
GENERAL LEDGER
ACCOUNT:
Cash
ACCOUNT NO:
POST
DATE
20Y5
July
ITEM
1
1
1
1
BALANCE
DEBIT
CREDIT
Balance
CJ2
CJ12
CJ2
CJ2
July
ACCOUNT:
REF.
5,000.00
1,750.00
2,700.00
DEBIT
1,000.00
Accounts Receivable
ITEM
1
ACCOUNT NO:
ACCOUNT:
REF.
DEBIT
CREDIT
DEBIT
Supplies
ACCOUNT NO:
ITEM
1
CREDIT
1,000.00
POST
DATE
20Y5
July
Balance
5ce388ecc97441556473542aa8b5a1ab
REF.
12
BALANCE
Balance
CREDIT
3,920.00
8,920.00
7,170.00
4,470.00
POST
DATE
20Y5
July
11
14
BALANCE
DEBIT
CREDIT
DEBIT
170.00
CREDIT
ACCOUNT:
Prepaid Insurance
ACCOUNT NO:
POST
DATE
20Y5
july
ITEM
1
ACCOUNT:
REF.
GJ12
BALANCE
DEBIT
CREDIT
2,700.00
DEBIT
ACCOUNT NO:
POST
ITEM
ACCOUNT:
REF.
DEBIT
CREDIT
Accounts Payable
ITEM
1
ACCOUNT:
REF.
DEBIT
CREDIT
ACCOUNT NO:
21
BALANCE
DEBIT
CREDIT
DEBIT
250.00
Unearned Revenue
ACCOUNT NO:
POST
ITEM
ACCOUNT:
REF.
DEBIT
CREDIT
Common Stcok
ITEM
1
REF.
DEBIT
CREDIT
ACCOUNT NO:
31
GJ2
5ce388ecc97441556473542aa8b5a1ab
BALANCE
DEBIT
CREDIT
Balance
23
BALANCE
POST
DATE
20Y5
July
CREDIT
Balance
DATE
17
BALANCE
POST
DATE
20Y5
July
CREDIT
2,700.00
Office Equipment
DATE
15
5,000.00
DEBIT
CREDIT
4,000.00
9,000.00
ACCOUNT:
Dividends
ACCOUNT NO:
POST
DATE
20Y5
July
ITEM
1
ACCOUNT:
REF.
BALANCE
DEBIT
CREDIT
Balance
DEBIT
Fees Earned
ITEM
1
1
ACCOUNT:
ACCOUNT NO:
REF.
DEBIT
CREDIT
DEBIT
GJ
6,200.00
7,200.00
1,000.00
Wages Expense
ITEM
1
ACCOUNT:
ACCOUNT NO:
REF.
DEBIT
CREDIT
Balance
DEBIT
1
ACCOUNT NO:
REF.
DEBIT
CREDIT
DEBIT
1,750.00
Equipment Rent Expense
ITEM
1
Balance
5ce388ecc97441556473542aa8b5a1ab
CREDIT
800.00
2,550.00
ACCOUNT NO:
POST
DATE
20Y5
July
REF.
51
BALANCE
Balance
GJ2
ACCOUNT:
CREDIT
400.00
Office Rent Expense
ITEM
50
BALANCE
POST
DATE
20Y5
July
CREDIT
Balance
41
BALANCE
POST
DATE
20Y5
July
CREDIT
500.00
POST
DATE
20Y5
July
33
52
BALANCE
DEBIT
CREDIT
DEBIT
675.00
CREDIT
ACCOUNT:
Utilities Expense
ACCOUNT NO:
POST
DATE
20Y5
July
ITEM
1
ACCOUNT:
REF.
BALANCE
DEBIT
CREDIT
Balance
DEBIT
Music Expense
ITEM
1
ACCOUNT NO:
ACCOUNT:
REF.
DEBIT
CREDIT
DEBIT
Advertising Expense
ITEM
1
ACCOUNT NO:
ACCOUNT:
REF.
DEBIT
CREDIT
DEBIT
Supplies Expense
ITEM
1
ACCOUNT NO:
ACCOUNT:
REF.
DEBIT
CREDIT
DEBIT
Miscellaneous Expense
ITEM
1
Balance
5ce388ecc97441556473542aa8b5a1ab
CREDIT
180.00
ACCOUNT NO:
POST
DATE
20Y5
July
REF.
56
BALANCE
Balance
CREDIT
500.00
POST
DATE
20Y5
July
55
BALANCE
Balance
CREDIT
1,590.00
POST
DATE
20Y5
July
54
BALANCE
Balance
CREDIT
300.00
POST
DATE
20Y5
July
53
59
BALANCE
DEBIT
CREDIT
DEBIT
415.00
CREDIT
MS Music
Trial Balance
For the Month Ended July 31, 20Y5
Account
Trial Balance
Debit
Credit
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