Financial and Managerial Accounting: Chapter 4 Continuing Problem - The unadjusted trial balance

Financial and Managerial Accounting
Chapter 4 Continuing Problem
The unadjusted trial balance of PS Music as of July 31, 2012, along with the adjustment data for the two months ended July 31, 2012, are shown in Chapter 3.
Based upon the adjustment data, the adjusted trial balance shown below was prepared.
PS Music
Adjusted Trial Balance
July 31, 2012
Debit Credit
Cash 10,510
Accounts Receivable 4,750
Supplies 400
Prepaid Insurance 2,475
Office Equipment 6,000
Accumulated Depreciation - Office Equipment 75
Accounts Payable 7,080
Wages Payable 170
Unearned Revenue 3,600
Pat Sharpe, Capital 9,000
Pat Sharpe, Drawing 2,000
Fees Earned 21,950
Wages Expense 2,970
Office Rent Expense 2,550
Equipment Rent Expense 1,300
Utilities Expense 1,060
Music Expense 3,610
Advertising Expense 1,450
Supplies Expense 1,030
Insurance Expense 225
Depreciation Expense 75
Miscellaneous Expense 1,470
$41,875 $41,875

1. Optional. Using the data from Chapter 3, prepare an end-of-period spreadsheet (work sheet).
2. Prepare an income statement, a statement of owner’s equity, and a balance sheet.
3. Journalize and post the closing entries. The income summary account is #33 in the ledger of PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.
4. Prepare a post-closing trial balance.
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