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1.) Prepare an Income Statement, Statement of Owners Equity, and a Balance Sheet as of July 31, 2014, Journalize and post the closing entries, Prepare a Post-Closing Trial Balance

Journal entries

Date	Description	Debit	Credit
July 1	Cash	$4,000
	To Chris Browns capital		$4,000
	Office rent expense	$1800
	To cash		$1800
	Prepaid insurance	$2,700
	To cash		$2,700
July 2	Cash	$1250
	To A/c receivable		$1250
July 3	cash	$7,200
	to unearned revenue		$7,200
July 3	A/c payable	$250
	To cash		$250
July 4	Legal expense	$800
	To cash		$800
July 5	Office equipment	$6000
	To A/c payable		$6000
July 8	Advertisement expense	$200
	To Cash		$200
July 11	Cash	$900
	to fees earned		$900
July 13	Equipment rental expense	$600
	To cash		$600
July 14	Wages expense	$1200
	To cash		$1200
July 16	Cash	$1200
	To fees earned		$1200
July 18	Office supplies a/c	$1080
	To a/c payable		$1080
July 21	Utilities expense	$620
	To cash		$620
July 22	Advertising expense	$800
	To cash		$800

July 23	Cash	$750
	A/c receivable	$1750
	To fees earned		$2500
July 23	Utility expense	$760
	To cash		$760
July 28	Wages & expense	$1200
	To cash		$1200
July 29	Miscellaneous expense	$370
	To cash		$370
July 30	Cash	$400
	A/c receivable	$1400
	To fees earned		$1800
July 31	Cash	$2800
	To fees earned		$2800

July 31	Music expense	$1400
	To cash		$1400
July 31	Drawings	$1500
	To cash		$1500

Unadjusted trial balance

	Debit	Credit
Cash	$9610
A/c receivable	$3150
Supplies	$1250
Prepaid insurance	$2700
Office equipment	$6000
Accumulated dep
A/c payable		7080
unearned revenue		7200
Chris browns capital		9000
Drawings	2000
fees earned		15,850
wage expense	2800
office rent expense	2550
Equipment rental expense	1300
music expense	2990
Advertisement expense	1450
supplies expense	180
legal expense
misc. expense	670
Utility expense	1680
total	$39,130	$39130

Adjusting entries

A/c receivable	$1600
to unearned revenue		$1600
Supplies expense	$850
To Supplies		$850
insurance expense	$225
to Prepaid rent		$225
Depreciation expense	$75
To Accumulated dep		$75
Unearned revenue	$3600
To Fees earned		$3600
Wages expense	$170
To wages payable		$170

Adjusted trial balance

	Debit	Credit
Cash	$9610
A/c receivable	$4750
Supplies	$400
Prepaid insurance	$2475
Office equipment	$6000
Accumulated dep		75
A/c payable		7080
unearned revenue		5200
Chris browns capital		9000
Drawings	2000
fees earned		19,450
wage expense	2970
office rent expense	2550
Equipment rental expense	1300
music expense	2990
Advertisement expense	1450
supplies expense	1030
legal expense	800
misc. expense	670
Utility expense	1680
Wages payable		170
insurance expense	225
Depreciation expense	75
total	40975	40975

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