Bookmarks Window Help 46 Amaznn nnif Amarin X CengageNOWv2

Bookmarks Window Help 46% ?+) Amaznn nnif Amarin X CengageNOWv2 1 Online teaching and learning. PS Music Adjusted Trial Balance July 31, 2019 Debit Credit Balances Balances 9,945 4,150 275 2,475 7,500 Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Wages Payable Unearned Revenue Peyton Smith, Capital Peyton Smith, Drawing Fees Earned 50 8,350 140 3,600 9,000 1,750 Check My Work 1 more Check My Work uses remaining 70977-. pg fancycrave-270969--ipg

Solution

Income statement Revenue Fees earned 21200 Expense Music expense 3610 Wages expense 2940 Office rent expense 2550 Advertising expense 1500 Equipment rent expense 1375 Utilities expense 1215 Supplies expense 925 Insurance expense 225 Depreciation expense 50 Miscellaneous expense 1855 Total expense 16245 Net income 4955 Statement of owners equity Peyton capital june 1 2019 9000 Investment during the two months Withdrawls -1750 -1750 Peyton capital July 31 2019 7250 Net income for the period 4955 Peyton capital July 31 2019 12205 (7150+4955) Closing entries Debit Credit 1 Fees earned 21200                  Income summary 21200 2 Income summary 16245 Music expense 3610 Wages expense 2940 Office rent expense 2550 Advertising expense 1500 Equipment rent expense 1375 Utilities expense 1215 Supplies expense 925 Insurance expense 225 Depreciation expense 50 Miscellaneous expense 1855 3 Income summary 4955               Peyton smith capital 4955 4 Peyton smith capital 1750               Peyton smith withdrawal 1750