Chapter 4-Instruction #1

The adjusted trial balance of PS Music as of July 31, 2019 is shown below:

PS Music Adjusted Trial Balance July 31, 2019
	Debit Balances		Credit Balances
Cash	9,945
Accounts Receivable	4,150
Supplies	275
Prepaid Insurance	2,475
Office Equipment	7,500
Accumulated DepreciationOffice Equipment			50
Accounts Payable			8,350
Wages Payable			140
Unearned Revenue			3,600
Peyton Smith, Capital			9,000
Peyton Smith, Drawing	1,750
Fees Earned			21,200
Music Expense	3,610
Wages Expense	2,940
Office Rent Expense	2,550
Advertising Expense	1,500
Equipment Rent Expense	1,375
Utilities Expense	1,215
Supplies Expense	925
Insurance Expense	225
Depreciation Expense	50
Miscellaneous Expense	1,855
	42,340		42,340

a. Prepare an income statement for the two months ended July 31, 2019.

Enter all amounts as positive number except for any Net Loss.

PS Music Income Statement For the Two Months Ended July 31, 2019
		$
Expenses:
	$
Total Expenses
		$

b. Prepare a statement of owner's equity for the two months ended July 31, 2019. (Note: Peyton Smith made investments in PS Music on June 1 and July 1, 2019.) If an amount is zero, enter in a "0".

PS MUSIC Statement of Owner's Equity For the Two Months Ended July 31, 2019
		$
	$
	$
		$

c. Prepare a balance sheet as of July 31, 2019.

PS MUSIC Balance Sheet July 31, 2019
Assets
Current Assets:
	$
Total Current Assets		$
Property, Plant and Equipment:
	$
Total Property, Plant and Equipment
Total Assets		$
Liabilities
Current Liabilities:
	$
Total Liabilities		$
Owner's Equity
Total Liabilities and Owner's Equity		$