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The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: PS Music Unadjusted Trlal Balance July 31, 2019 Account Debit Credit No. Balances Balances 9,945 2,750 1,020 2,700 7500 Cash 11 Accounts Receivable. 12 Supplies.. Prepaid Insurance Office Equipment Accounts Payable 14 15 17 21 8,350 7,200 9,000 Unearned Revenue 23 Peyton Smith, Capital Peyton Smith, Drawing Fees Earned Wages Expense Office Rent Expense Equipment Rent Expense Utilities Expense Music Expense Advertising Expense Supplies Expense.. Miscellaneous Expense 31 32 1,750 16,200 41 50 2,800 2550 1375 1215 3,610 1,500 180 51 52 53 54 55 56 59 1855 40,750 40,750 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 For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 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 transaction in 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 transaction in Chapter 2 Accrued wages as of July 31 were $140 Instructlons 1. Prepare adjusting journal entries. You will need the following additional accounts: Accumulated Depreciation-Office Equipment 18 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense 2. Post the adjusting entries, inserting balances in the accounts affected. 3. Prepare an adjusted trial balance

The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: PS Music Unadjusted Trlal Balance July 31, 2019 Account Debit Credit No. Balances Balances 9,945 2,750 1,020 2,700 7500 Cash 11 Accounts Receivable. 12 Supplies.. Prepaid Insurance Office Equipment Accounts Payable 14 15 17 21 8,350 7,200 9,000 Unearned Revenue 23 Peyton Smith, Capital Peyton Smith, Drawing Fees Earned Wages Expense Office Rent Expense Equipment Rent Expense Utilities Expense Music Expense Advertising Expense Supplies Expense.. Miscellaneous Expense 31 32 1,750 16,200 41 50 2,800 2550 1375 1215 3,610 1,500 180 51 52 53 54 55 56 59 1855 40,750 40,750 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 For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 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 transaction in 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 transaction in Chapter 2 Accrued wages as of July 31 were $140 Instructlons 1. Prepare adjusting journal entries. You will need the following additional accounts: Accumulated Depreciation-Office Equipment 18 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense 2. Post the adjusting entries, inserting balances in the accounts affected. 3. Prepare an adjusted trial balance

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter5: Adjusting Entries And The Work Sheet
Section: Chapter Questions
Problem 7SEB: ANALY SIS OF ADJUSTING ENTRY FOR INSURANCE Analyze each situation and indicate the correct dollar...
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The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: PS Music Unadjusted Trlal Balance July 31, 2019 Account Debit Credit No. Balances Balances 9,945 2,750 1,020 2,700 7500 Cash 11 Accounts Receivable. 12 Supplies.. Prepaid Insurance Office Equipment Accounts Payable 14 15 17 21 8,350 7,200 9,000 Unearned Revenue 23 Peyton Smith, Capital Peyton Smith, Drawing Fees Earned Wages Expense Office Rent Expense Equipment Rent Expense Utilities Expense Music Expense Advertising Expense Supplies Expense.. Miscellaneous Expense 31 32 1,750 16,200 41 50 2,800 2550 1375 1215 3,610 1,500 180 51 52 53 54 55 56 59 1855 40,750 40,750 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 For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 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 transaction in 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 transaction in Chapter 2 Accrued wages as of July 31 were $140 Instructlons 1. Prepare adjusting journal entries. You will need the following additional accounts: Accumulated Depreciation-Office Equipment 18 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense 2. Post the adjusting entries, inserting balances in the accounts affected. 3. Prepare an adjusted trial balance
Transcribed Image Text:The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: PS Music Unadjusted Trlal Balance July 31, 2019 Account Debit Credit No. Balances Balances 9,945 2,750 1,020 2,700 7500 Cash 11 Accounts Receivable. 12 Supplies.. Prepaid Insurance Office Equipment Accounts Payable 14 15 17 21 8,350 7,200 9,000 Unearned Revenue 23 Peyton Smith, Capital Peyton Smith, Drawing Fees Earned Wages Expense Office Rent Expense Equipment Rent Expense Utilities Expense Music Expense Advertising Expense Supplies Expense.. Miscellaneous Expense 31 32 1,750 16,200 41 50 2,800 2550 1375 1215 3,610 1,500 180 51 52 53 54 55 56 59 1855 40,750 40,750 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 For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 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 transaction in 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 transaction in Chapter 2 Accrued wages as of July 31 were $140 Instructlons 1. Prepare adjusting journal entries. You will need the following additional accounts: Accumulated Depreciation-Office Equipment 18 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense 2. Post the adjusting entries, inserting balances in the accounts affected. 3. Prepare an adjusted trial balance
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