PS Music Adjusted Trial Balance July 31,2018 Account Debit Balances Credit Balan

Question

PS Music Adjusted Trial Balance July 31,2018 Account Debit Balances Credit Balances No. Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment 12 14 15 17 18 9.945 4,150 275 2,475 7,500 50 8,350 140 3,600 9,000 ACcounts Payable 21 Wages Payable Unearned Revenue Common Stock Dividends Fees Earned Wages Expense Office Rent Expense Equipment Rent Expense Utilities Expense Music Expense Advertising Expense Supplies Expense Insurance Expense 23 31 1,750 41 50 51 52 53 54 21,200 2,940 2,550 1,375 1,215 3,610 1,500 925 225 50 1,855 42,340 56 Depreciation Expense 58 Miscellaneous Expense 59 42,340

Explanation / Answer

Closing entries: S.no. Accounts title and explanations Debit $ Credit $ a. Fees earned Dr. 21200     Income Summary 21200 b. Income Summary Dr. 16245      Wages expense 2940      Office rent expense 2550      Equipment rent expenses 1375      Utilities expenses 1215      Music expenses 3610      Advertising expenses 1500      Supplies expenses 925       Insurance expenses 225      Depreciation expenses 50       Misc expenses 1855 c. Income Summary Dr. 4955     Retained earnings 4955 d. Retained earnings Dr. 1750      Dividend account 1750

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