July 31: During July, PS Music provided guest disc jockeys for KXMD for a total
ID: 2329847 • Letter: J
Question
July 31: During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. The contract requires PS Music to provide a guest disc jockey for 80 hours pe month for a monthly fee of $3,600, which PS Music has already received payment for. Any additional hours beyond 80 will be billed to KXMD at $40 per hour Account Post. Ref Debit Credit Accounts Receivable 1,400 Fees Earned 1,400 July 31: Supplies on hand at July 31, $275 Account Post. Ref. Debit Credit Supplies Expense 745 Supplies 745 July 31: The balance of the prepaid insurance account relates to the following July 1, 2019 transaction: "Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period." Account Post. Ref Debit Credit Insurance Expense 57V 225 V Prepaid Insurance 225Explanation / Answer
Adjusted Trial Balance ACCOUNT TITLE DEBIT CREDIT Cash 9945 Accounts Receivable 4150 Supplies 275 Prepaid Insurance 2475 Office Equipment 7500 Accumulated Depreciation-Office Equipment 50 Accounts Payable 8350 Wages Payable 140 Unearned Revenue 3600 Common Stock 9000 Retained Earnings Dividends 1750 Fees Earned 21200 Wages Expense 2940 Office Rent Expense 2550 Equipment Rent Expense 1375 Utilities Expense 1215 Music Expense 3610 Advertising Expense 1500 Supplies Expense 925 Insurance Expense 225 Depreciation Expense 50 Miscellaneous Expense 1855 Totals 42340 42340
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.