Continuing Problem Chapter 4 - Instruction #1 The adjusted trial balance of PS Music as of July 31, 20Y5 is shown below: Account Account No. Debit Balances Credit Balances Cash 11 9,945     Accounts Receivable 12 4,150     Supplies 14 275     Prepaid Insurance 15 2,475     Office Equipment 17 7,500     Accumulated Depreciation-Office Equipment 18 50     Accounts Payable 21 8,350     Wages Payable 22 140     Unearned Revenue 23 3,600     Common Stock 31 9,000     Dividends 33 1,750     Fees Earned 41 21,200     Music Expense 54 3,610     Wages Expense 50 2,940     Office Rent Expense 51 2,550     Advertising Expense 55 1,500     Equipment Rent Expense 52 1,375     Utilities Expense 53 1,215     Supplies Expense 56 925     Insurance Expense 57 225     Depreciation Expense 58 50     Miscellaneous Expense 59 1,855     Total 42,340     42,340     a.  Prepare an income statement for the two months ended July 31, 20Y5. PS Music Income Statement For the Two Months Ended July 31, 20Y5 Line Item Description Amount Amount $fill in the blank 2 Expenses: $fill in the blank 4 fill in the blank 6 fill in the blank 8 fill in the blank 10 fill in the blank 12 fill in the blank 14 fill in the blank 16 fill in the blank 18 fill in the blank 20 fill in the blank 22 Total Expenses fill in the blank 23 $fill in the blank 25 b.  Prepare a statement of stockholders’ equity for the two months ended July 31, 20Y5. (Note: Peyton Smith made investments in PS Music on June 1 and July 1, 20Y5.) If an amount is zero, enter in a "0". If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign. PS MUSIC Statement of Stockholders’ Equity For the Two Months Ended July 31, 20Y5 Line Item Description Common Stock Retained Earnings Total $fill in the blank 27 $fill in the blank 28 $fill in the blank 29 fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 35 fill in the blank 36 fill in the blank 37 fill in the blank 39 fill in the blank 40 fill in the blank 41 $fill in the blank 43 $fill in the blank 44 $fill in the blank 45 c.  Prepare a classified balance sheet as of July 31, 20Y5. PS MUSIC Balance Sheet July 31, 20Y5 Line Item Description Amount Amount Assets Current Assets: $fill in the blank 47 fill in the blank 49 fill in the blank 51 fill in the blank 53 Total Current Assets $fill in the blank 54 Property, Plant, and Equipment: $fill in the blank 56 fill in the blank 58 Total Property, Plant, and Equipment fill in the blank 59 Total Assets $fill in the blank 60 Liabilities Current Liabilities: $fill in the blank 62 fill in the blank 64 fill in the blank 66 Total Liabilities $fill in the blank 67 Stockholders' Equity $fill in the blank 69 fill in the blank 71 Total stockholders' equity fill in the blank 72 Total liabilities and stockholders' equity $fill in the blank 7 ...

1. Continuing Problem
Chapter 4 - Instruction #1
The adjusted trial balance of PS Music as of July 31, 20Y5 is
shown below:
Account
Account No.
Debit Balances
Credit Balances
Cash
11
9,945
Accounts Receivable
12
4,150
Supplies
14
275
Prepaid Insurance
15
2,475
Office Equipment
17
7,500
Accumulated Depreciation-Office Equipment
18
50
Accounts Payable

2. 21
8,350
Wages Payable
22
140
Unearned Revenue
23
3,600
Common Stock
31
9,000
Dividends
33
1,750
Fees Earned
41
21,200
Music Expense
54
3,610
Wages Expense
50
2,940
Office Rent Expense
51
2,550
Advertising Expense

3. 55
1,500
Equipment Rent Expense
52
1,375
Utilities Expense
53
1,215
Supplies Expense
56
925
Insurance Expense
57
225
Depreciation Expense
58
50
Miscellaneous Expense
59
1,855
Total
42,340
42,340
a. Prepare an income statement for the two months ended July
31, 20Y5.
PS Music
Income Statement
For the Two Months Ended July 31, 20Y5

4. Line Item Description
Amount
Amount
$fill in the blank 2
Expenses:
$fill in the blank 4
fill in the blank 6
fill in the blank 8
fill in the blank 10
fill in the blank 12
fill in the blank 14
fill in the blank 16

5. fill in the blank 18
fill in the blank 20
fill in the blank 22
Total Expenses
fill in the blank 23
$fill in the blank 25
b. Prepare a statement of stockholders’ equity for the two
months ended July 31, 20Y5. (Note: Peyton Smith made
investments in PS Music on June 1 and July 1, 20Y5.) If an
amount is zero, enter in a "0". If a net loss is incurred or there
is a decrease in owner’s equity, enter that amount as a negative
number using a minus sign.
PS MUSIC
Statement of Stockholders’ Equity
For the Two Months Ended July 31, 20Y5
Line Item Description
Common Stock
Retained Earnings
Total
$fill in the blank 27
$fill in the blank 28
$fill in the blank 29

6. fill in the blank 31
fill in the blank 32
fill in the blank 33
fill in the blank 35
fill in the blank 36
fill in the blank 37
fill in the blank 39
fill in the blank 40
fill in the blank 41
$fill in the blank 43
$fill in the blank 44
$fill in the blank 45
c. Prepare a classified balance sheet as of July 31, 20Y5.
PS MUSIC
Balance Sheet
July 31, 20Y5
Line Item Description
Amount
Amount
Assets
Current Assets:
$fill in the blank 47
fill in the blank 49

7. fill in the blank 51
fill in the blank 53
Total Current Assets
$fill in the blank 54
Property, Plant, and Equipment:
$fill in the blank 56
fill in the blank 58
Total Property, Plant, and Equipment
fill in the blank 59
Total Assets
$fill in the blank 60
Liabilities
Current Liabilities:

8. $fill in the blank 62
fill in the blank 64
fill in the blank 66
Total Liabilities
$fill in the blank 67
Stockholders' Equity
$fill in the blank 69
fill in the blank 71
Total stockholders' equity
fill in the blank 72
Total liabilities and stockholders' equity
$fill in the blank 73
Continuing Problem
Chapter 4 - Instruction #2
Journalize the closing entries. Include Posting References, using
the account numbers in your spreadsheet. The retained earnings
account is #32 in the ledger of PS Music.

9. Refer to your answers from Chapter 4, Part 1 to complete this
part.
If an amount box does not require an entry, leave it blank.
DATE
ACCOUNT
POST. REF.
DEBIT
CREDIT
20Y5
Closing Entries
fill in the blank 3
fill in the blank 4
fill in the blank 5
fill in the blank 7
fill in the blank 8
fill in the blank 9
fill in the blank 11
fill in the blank 12
fill in the blank 13
fill in the blank 15
fill in the blank 16
fill in the blank 17

10. fill in the blank 19
fill in the blank 20
fill in the blank 21
fill in the blank 23
fill in the blank 24
fill in the blank 25
fill in the blank 27
fill in the blank 28
fill in the blank 29
fill in the blank 31
fill in the blank 32
fill in the blank 33
fill in the blank 35
fill in the blank 36
fill in the blank 37
fill in the blank 39
fill in the blank 40
fill in the blank 41
fill in the blank 43
fill in the blank 44
fill in the blank 45
fill in the blank 47

11. fill in the blank 48
fill in the blank 49
DATE
ACCOUNT
POST. REF.
DEBIT
CREDIT
fill in the blank 52
fill in the blank 53
fill in the blank 54
fill in the blank 56
fill in the blank 57
fill in the blank 58
Continuing ProblemChapter 4 - Instruction #3
Post the closing entries completed in Chapter 4 Part 2 to the
ledgers in the spreadsheet you saved in Chapter 3 Part 2. Extend
the account balance to the appropriate balance column after
each posting. The retained earnings account is #32 in the ledger
of PS Music. Be sure to save your work in the spreadsheet.
Chapter 4 - Instruction #4
Prepare a post-closing trial balance as of July 31, 20Y5.
Refer to the spreadsheet that you used to post the closing
entries in Chapter 4, Part 3.
If an amount box does not require an entry, leave it blank.
PS Music
Post-Closing Trial Balance
July 31, 20Y5
Account
Debit Balances

12. Credit Balances
fill in the blank 2
fill in the blank 3
fill in the blank 5
fill in the blank 6
fill in the blank 8
fill in the blank 9
fill in the blank 11
fill in the blank 12
fill in the blank 14
fill in the blank 15
fill in the blank 17
fill in the blank 18
fill in the blank 20
fill in the blank 21
fill in the blank 23
fill in the blank 24
fill in the blank 26
fill in the blank 27
fill in the blank 29
fill in the blank 30
fill in the blank 32
fill in the blank 33
Total
fill in the blank 34

13. fill in the blank 35