Continuing accounting problem
Business Finance
The following transactions were completed during July, the second month of the business’s operations:
| July 1. | Peyton Smith made an additional investment in PS Music by depositing $5,000 in PS Music’s checking account. | |
| 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. | |
| 2. | Received $1,000 cash from customers on account. | |
| 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. 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. | |
| 3. | Paid $250 to creditors 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. | |
| July 21. | Paid $620 to Upload Music for use of its current music demos in making various music sets. | |
| 22. | Paid $800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. | |
| 23. | Served as disc jockey for a party for $2,500. Received $750, with the remainder due August 4, 2019. | |
| 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 the remainder due on August 9, 2019. | |
| 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 of various artists’ music during July. | |
| 31. | Withdrew $1,250 cash from PS Music for personal use. | |
PS Music’s chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows:
Instructions
- Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark (✓) in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.)
- Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations.
- Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting.
- Prepare an unadjusted trial balance as of July 31, 2019.
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