Please I need to pass it ? 100Chapter 3 Analyzing Business Transactions of Service BusinessesContinuing ProblemThe transactions completed PS Music during June 2014 were described at the end of Chapter 2. Thefollowing transactions werebycompleted during July, the second month of the business's operations:Music July1. Peyton Smith made an additional investment in PS Music by depositing $5,000 in PSMusic's checking account.4. Total ofDebit column:40,7501. Instead of continuing to share office space with a local real estate agency, Peyton decidedto 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.GENERAL LEDGER2. Received $1,000 on account.3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, toprovide guest spots for the next three months. The contract requires PS Music to providea guest disc jockey for 80 hours per month for a monthly fee of $3,600. Additional hoursbeyond 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.Enter the following transactions on Page 2 of the two-column journal.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 usè of its current music demos in making various musicsets.22. Paid $800 to a local radio station to advertise the services of PS Music twice daily for theremainder of July.23. Served as disc jockey for a party for $2,500. Received $750, with the remainder dueAugust 4, 2014.27. 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 theremainder due on August 9, 2014.31. 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 ofvarious artists' music during July.31. Withdrew $1,250 cash from PS Music for personal use. 144101Chapter 3 Analyzing Business Transactions of Service BusinessesES Music's chart of accounts and the balance of accounts as of July 1, 2014 (all normal balances),are as follows:11 Cash$6,200$3,92041 Fees Earned12 Accounts Receivable40050 Wages Expense51 Office Rent Expense1,00014 Supplies80017015 Prepaid Insurance17 Office Equipment21 Accounts Payable67552 Equipment Rent Expense53 Utilities Expense54 Music Expense3001,59025023 Unearned Revenue50055 Advertising Expense56 Supplies Expense59 Miscellaneous Expense18031 Peyton Smith, Capital32 Peyton Smith, Drawing4,000415500Instructions1. Enter the July 1, 2014 account balances in the appropriate balance column of a four-columnaccount. Write Balance in the Item column, and place a check mark () in the Posting Referencecolumn. (Hint: Verify the equality of the debit and credit balances in the ledger before proceedingwith the next instruction.)2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omittingjournal entry explanations.3. Post the journal to the ledger, extending the account balance to the appropriate balance columnafter each posting.4. Prepare an unadjusted trial balance as of July 31, 2014.

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following transactions were completed 1. Peyton Smith made an additional investment in PS Music 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. 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.

following transactions were completed 1. Peyton Smith made an additional investment in PS Music 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. 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.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 45P

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