PS Music’s June 2018 transactions were
The following transactions were described at Chapter 1. Following transactions were
completed during July, the second month of the business’s
|Jul.||1||Peyton Smith added to PS Music’s investment.
exchange for common stock by depositing $5,000 in PS Music’s
Checking your account.
|1||Instead of sharing office space with local real estate agents, you can opt to continue doing so.
Peyton, an estate agent, decided to lease office space in a nearby neighborhood
Music shop. July paid rent, $1750
|1||A comprehensive policy of insurance requires a $2,700 premium.
Fire, theft and liability are all covered. This policy is valid for a year.
|2||Account opened with $1,000|
|3||Peyton has signed a contract for PS Music with a local music company.
KXMD Radio Station will host the guest spot for each of the three following episodes
months. PS Music must provide guest discs as part of the contract.
For a $3,600 monthly fee, jockey 80 hours per month. All
Extra hours over 80 will incur a $40/hour charge to KXMD
Peyton was awarded $7,200 by KXMD in accordance to the terms of the contract.
A deposit for the first two month.
|3||250 dollars paid to account|
|4||Attorney was paid $900 to review the July 3 Contract.
|5||Office Mart – Purchased equipment for my office.
|8||Advertising in the newspaper, paid $200|
|11||For being a disc jockey at a party, I was awarded $1,000|
|13||For rental, I was paid $700 at a local store of audio electronics.
digital recording equipment.
|14||Receptionists and part-time employees receive $1,200 in paid wages
The following transactions should be entered on page 2 of the 2-column.
|Jul.||16||Serving as a disc jockey at a Wedding, Received $2,000
|18||850 for supplies purchased on account|
|21||Upload music for $620
Making different music sets.
|22||Advertisement of the service was paid $800 by a radio station in my area.
PS Music two times daily during July.
|23||As a disc jockey, for $2,500 Recipiented $750
With the rest due August 4, 2018,
|27||Electricity bill paid $915|
|28||Part-time and receptionists receive $1,200 per month in a combination of stipends
|29||Payed miscellaneous expenses $540|
|30||For $1,500, served as a disc jockey at a charity ball. Received
500, the rest due August 9, 2018,
|31||For being a disc jockey at a party, I was awarded $3,000|
|31||National Music was paid $1,400 in royalties (music expenses).
Clearing for use of various artists’ music during July.
|31||Paid dividends, $1,250.|
PS Music’s chart of accounts and the balance of accounts as of
July 1, 2018, (all normal balances):
|17||Equipment for the Office||—|
|52||Equipment Rental Expense||675|
|1.||The July 1, 2018 balances are entered in the appropriate
Balance column in a 4-column account. Entry is not required
Accounts with zero balance Note Balance in the Item column.
Select a checkmark in the Posting Reference column. (Note: Verify
Before, the credit and debit balances were equal
Proceed with the next instruction.
|2.||Each transaction should be analyzed and journalized in a journal with two columns
Start on Page 1. See also
The Chart of Accounts provides exact words for account titles.
|3.||Post the journal into the ledger and extend the account balance
After each post, please add the correct balance column. Indicate a
You can zero the balance by adding a Zero (zero) to either Balance
The columns are opposite the entry.
|4.||Prepare an unadjusted balance for trial starting July 31, 2018,|
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